Courtesy of Concord
The deal is estimated at $350 million for rights including shares in Dancing in the Streets, Moves Like Jagger and more.
Concord has acquired Downtown Music s 145,000-song publishing copyrights, the companies announced Monday (April 26), including shares in Dancing in the Streets, Moves Like Jagger, Green Onions, Halo, Stay With Me and Shallow. Concord also gets the contracts of Downtown Music s existing songwriter roster.
Terms of the acquisitions were not disclosed, but
Billboard estimates the assets being sold carry a $350 million valuation based on an 18–20 times multiple.
Downtown is only selling the portion of its publishing catalog that it has an ownership stake in and not the songs and catalogs where it serves as administrator.
Downtown will leave the ownership business and focus on music services exclusively
Brian Welk | April 26, 2021 @ 10:12 AM
Warner Bros.
Downtown Music Holdings has sold its publishing library of 145,000 songs, including tracks by Beyoncé, Lady Gaga, Jay-Z and more, to Concord Music Group.
It’s the latest example of the sale of a large music catalog as the industry has seen a flurry of sales for record multiples. But instead of an artist directly selling their own music library to a private group, another company is now getting out of the music ownership business entirely at a point when the market could be nearing its peak. After the sale, Downtown will now focus exclusively on music services, including publishing administration and its label services division, DashGo.
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