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KKR-led Group Nears Deal For Rights To Hits By The Weeknd, Lorde

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A consortium led by non-public fairness big KKR & Co is nearing a deal to purchase rights to music by pop icons Lorde and The Weeknd for $1.1 billon, the Financial Times reported on Tuesday, citing individuals acquainted with the talks.

The investor group, which can take a majority stake, and the household workplace of Stephen Hendel, a former Goldman Sachs associate, are closing in on a deal to purchase {the catalogue} from music firm Kobalt, whose roster of artists additionally contains Paul McCartney and Stevie Nicks, the FT report mentioned.

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KKR declined to remark, whereas Kobalt didn’t instantly reply to a Reuters request for remark.

The deal for {the catalogue} could possibly be introduced as quickly as this week, the report added.

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This comes shut on the heels of one other main non-public fairness funding within the music trade when Blackstone Inc partnered with an advisory agency owned by music govt Merck Mercuriadis to purchase music rights and report songs.

As a part of the partnership, Blackstone mentioned on Tuesday it will deploy round $1 billion and likewise take an possession stake in Hipgnosis Song Management, an adviser to the London-listed music catalogues investor Hipgnosis Songs Fund.

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