May 10, 2021

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Downtown Songs sells a catalog of 145,000 songs to Harmony for $400 million, resources say

1 min read

SAO PAULO (Reuters) – New York-dependent Downtown Music Holdings is providing a 145,000-music catalog to tunes legal rights business Concord New music for about $400 million, two resources close to the matter said on Tuesday.

The talks to obtain the new music copyright to music like some done by the likes of Adele, Aretha Franklin, Beyonce, David Bowie, Bruno Mars, Woman Gaga and Marvin Gaye, began in January, the sources extra.

California-based mostly Harmony, which is controlled by pension fund Michigan Retirement Devices, and Downtown New music introduced the offer on Monday with out disclosing the price.

Downtown Tunes has developed the catalog in excess of the past 14 decades and will reinvest proceeds in the music companies sector, which will turn out to be its main business enterprise.

CEO and founder Justin Kalifowitz told Reuters that the sale will help Downtown to be viewed as a neutral services supplier to the artists, featuring distribution, copyright management, marketing and funding for songwriters and artists.

The corporation has produced seven acquisitions of tunes products and services organizations in excess of the past two many years.

(This story corrects headline and initial paragraph to reflect that Downtown is providing a catalog of 145,000 music in its place of providing its overall catalog of music)

Reporting by Tatiana Bautzer Editing by David Goodman

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