The coronavirus crisis has upended the traditional economics of Hollywood, attracting news investors to the film business. As theaters have yet to fully reopen and draw film fans, studios have had to find other ways to release their movies and recoup investments. That has opened the floodgates for deals to sell movies to streamers and for rich individuals in the U.S. and overseas to back film production.
Hipgnosis Songs Fund hit a major milestone in its native UK last month with its market cap soaring above GBP £1 billion for the first time – just over two years after going public on the London Stock Exchange. Today (September 24), the aggressively acquisitive company, has hit another impressive financial landmark – raising more than £420m ($535m) in the past two months alone.
Variety parent company Penske Media Corp. has set a deal with MRC to operate Billboard, Vibe and the Hollywood Reporter under a newly formed joint venture. The transaction calls for PMC and MRC to set up a newly established entity dubbed PMRC.
Quibi was supposed to be revolutionary: A video service that was supposed to fill the gap between YouTube and HBO by bringing short, “premium” clips starring celebrities like Liam Hemsworth and Chrissy Teigen to your phone, for a price. But that was in the spring. Just six months after launching — and after raising $1.8 billion — Quibi has started looking for a buyer.
As the dust settles on the weeks of drama over the social media app, investors and others are asking what it was all for. The answer? A cloud computing contract for the Silicon Valley business software company Oracle, a merchandising deal for Walmart and a claim of victory for President Trump.
Kobalt could attract interest from music producers such as Sony Music Entertainment, Warner Music Group and Universal Music Group, as well as private equity and technology buyers, the people said. Music copyrights have grown in value with the renaissance of recorded music and online listening. The plans aren’t final and the company could opt to raise additional capital, one of the people said.
The emergence of catalog as the driving force in the music business is the great revelation of streaming. It was always the case, but in the past it wasn’t possible to see how many times people played a CD or LP. Now streaming allows us to see what’s really popular – and that’s overwhelmingly catalog.
The software company’s official confirmation comes after Treasury Secretary Steve Mnuchin said in an interview with CNBC Monday that the U.S. government received a proposal from Oracle to partner with TikTok. That came after Microsoft said Sunday that ByteDance had rejected its acquisition offer for TikTok.
As well as bringing 4,400 copyrights into Hipgnosis – including cuts on hits by the likes of Shawn Mendes, Panic! At The Disco and One Direction – the deal also sees Hipgnosis acquire Big Deal Music Group’s US-based publishing admin business, Words & Music.
The partnership is the first deal announced by Songtradr since the company announced its Series C capital raise of US $30 million last month. Songtradr has invested AUS $1.42m (approximately US $1.03) in Jaxsta (by way of a secured convertible note) and signed a five-year exclusive commercial agreement with a revenue share arrangement between the companies.