Blackstone's $1.6 billion offer is the best thing to happen to the embattled Hipgnosis Songs Fund in months
of all shares. That may be surprising news for those who have been following the Hipgnosis saga, considering the business was dead set on splitting with Blackstone mere months ago.
While HSF has been a self-described independent “song management” company, Blackstone is the majority owner of Hipgnosis Song Management, HSF’s investment adviser as well as the backer behind the Hipgnosis Songs Capital fund.the expected amount of retroactive royalty payments for their vast catalog of tracks.
Blackstone’s current $1.6 billion offer breaks down to $1.30 per share, which boosted HSF stocks slightly further to 105 pence as of Tuesday. This new share price is still a far cry from HSF’s glory days of leading theHSF’s board will vote to finalize Blackstone’s current $1.6 billion offer in June, but given the week-plus of radio silence from Concord, there likely won’t be further objections.
The only major casualty is perhaps founder Merck Mercuriadis’ vision for Hipgnosis as a company that was going to change the music publishing world forever. That ship might have sunk, but at least there’s plenty of money to go around in the wreckage.
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