Downtown says that it initially established its partnership with Bank of America in 2022 with a $200 million credit facility to provide artists and rightsholders with advances in exchange “for a short-term share of future royalties”. The company has now expanded its credit facility with BoA by an additional $500 million to boost its capacity to pay advances to indie artists.
Source: Downtown secures $500m credit agreement from Bank of America for indie artist advances
Big technology companies are consuming as much data as possible to become winners in artificial intelligence — but that’s not necessarily what will define winners. Appian CEO Matt Calkins says that ensuring success in the field is “not just about money.” “AI is not a place where money makes more money,” Calkins told CNBC in an interview at its London bureau on Tuesday.
Source: Big Tech is eating as much data as it can to win in AI — but it’s not ‘winner takes all,’ CEO says
TikTok and its parent company ByteDance challenged the U.S. government in a legal filing Tuesday over a new law forcing the sale or ban of the social media giant, igniting a high-stakes court battle in Washington that could prove to be an existential fight for one of the world’s most popular apps.
Source: TikTok files court challenge to U.S. law that could lead to ban
The move signals Reservoir’s ambition to fuel further growth through acquisitions while reducing its debt. The company said it seeks to expand its music publishing and recorded music catalogs by acquiring businesses and assets that complement its existing operations. In February, Reservoir revealed that it had spent$938 million on acquisitions since its inception in 2007 to December 31, 2023.
Source: Reservoir Media plans $100M offering to fund acquisitions, debt repayment
Congress has passed, and President Biden has now signed, a bill requiring ByteDance to sell TikTok to an American buyer or American-controlled company within 270 days (possibly extendable to a year), or face having the app banned from the U.S.
Things are not likely to work out quite as neatly as that forced choice would have it.
TikTok CEO Shou Zi Chew issued a defiant statement in response to the bill’s passage proclaiming “we aren’t going anywhere,” and vowing to challenge the law in court. “We are confident, and we will keep fighting for your rights in the courts,” he said. “The facts and the Constitution are on our side, and we expect to prevail again.”
Last week, Concord – partly financed by Apollo Global Management – launched a USD $1.511 billion cash bid for the portfolio of Hipgnosis Songs Fund. That was the equivalent of USD $1.25 per share. Today (April 29), Blackstone and HSF’s board have jointly announced a new offer from Blackstone worth around$60 million more than Concord’s latest bid.
No sooner had President Biden put his signature to an act that will force Chinese tech company ByteDance to sell TikTok in the US than a handful of American tech tycoons started champing at the bit to offer their bids. But TikTok CEO Shou Zi Chew said that should the company fail in winning its legal challenge to block the legislation, ByteDance would rather shut down its US operations than sell.
Source: Billionaires Lining Up to Buy TikTok — ByteDance Icy Response
Concord launched a USD $1.511 billion bid for the UK-listed company’s assets, at $1.25 per share. That bid very slightly topped a recent $1.50 billion takeover proposal from Blackstone, which valued HSF at $1.24 per share. Today (April 25), Blackstone issued a terse-but-fascinating comment to the markets, and specifically to HSF shareholders, in the wake of Concord’s new offer.
French tech startup Mistral AI has been speaking to investors about raising several hundred million dollars at a valuation of $5 billion, The Information reported on Tuesday. It’s unclear which investors Mistral has spoken to about a new funding round, the report said, citing a person with direct knowledge of the matter.Source: France’s Mistral AI seeks funding at $5 billion valuation
With Government oversight and input, the industry has now collectively agreed (although not yet implemented) voluntary Transparency and Data codes. However, for the MMF and other members of the Council of Music Makers (the Ivors Academy, the Featured Artists Coalition, the Music Producers Guild, and the Musicians’ Union) the most pressing issues have always been financial. We want to address the mechanics and distribution of streaming revenue.
Source: Is the music industry gaslighting artists? – Music Ally