Hipgnosis Song Management announced today that its founder and chairman Merck Mercuriadis has given notice of his intention to resign as chairman.
According to an announcement today (July 2), his departure from the company will be effective upon the completion of the proposed acquisition of Hipgnosis Songs Fund Limited by Lyra Bidco Limited, a subsidiary of Blackstone Management Funds.
Merck Mercuriadis, founder and chairman of Hipgnosis Song Management, said: “Six years after founding HSM, I have decided that now is the right time to step down as chairman. This is a timely opportunity for me to make a strategic shift in focus and Spend more time advocating on behalf of songwriters to ensure they are properly compensated for their work.
“Through the Hipgnosis Songs Fund and Hipgnosis Songs Assets, we have created an outstanding copyright catalog of an unparalleled collection of iconic and culturally important songs from outstanding songwriters who I know will contribute to HSM is built on an ethos of always putting the songwriting community first, and my commitment to all songwriters is unwavering. I have always envisioned bringing songwriters together across the globe. Organize to ensure they have a say in discussions about their salaries and represent the consensus of the community With four years to go until the next CRB and ongoing discussions around the world, now is the time to act. .
“As Hipgnosis Songs Fund enters its next phase of growth, now is the perfect time to hand over control to a trusted and capable team. I am excited about the future of the company and its continued success with the support of Blackstone .
Qasim Abbas, Senior Managing Director, Blackstone Tactical Opportunities, added: “On behalf of Blackstone, I would like to thank Merck for its support and contribution to HSM. Merck’s dedication to songwriters and his advocacy for them is second to none and we respect and will Looking to continue growing on the platform he created.
“We are committed to the asset class and in the three years we have been working with Merck and HSM, we have acquired (through Hipgnosis Songs Assets) the catalogs of some of the world’s most important songwriters and artists.
“With its strong senior management team, the company is well-positioned to capitalize on the growing music rights market.”
Ben Katovsky, CEO of Hipgnosis Song Management, said: “Merck’s vision and passion in creating Hipgnosis, assembling an extraordinary portfolio of iconic songs, and fighting for fair compensation for songwriters have been instrumental in Hipgnosis’s journey to date.
“I’m grateful for his support and belief in me and the HSM team to continue building on his passion. We remain committed to bringing the iconic songs we care about to new audiences and ensuring they enjoy the continued success they deserve and attention.global music business
