Suno has been soaring in popularity ever since a Rolling Stone article earlier this year described how the AI tech’s ability to create authentic-sounding music unnerved even some of its creators. The algorithm uses OpenAI’s ChatGPT to generate lyrics, and its own proprietary algorithms to generate music and vocals. However, speculation has grown that Suno’s model was trained on copyrighted music without license from the rights holders.
Source: AI music generator Suno raises $125m, valuing company at $500m (report)
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.
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.
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.
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.
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.