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Reed Smith LLP issued the following announcement on Apr. 19.
Reed Smith announced that Lawrence Waks has joined the firm’s global Media & Entertainment Industry Group as a partner in the firm’s expanding Dallas and Austin offices. Waks is well-known for his representation of leading entertainment clients, as well as his cutting-edge work on IP- and M&A-related matters in the food and beverage, distilled spirits, consumer products, and media industries. Among his best-known deals, Waks represented George Clooney, Rande Gerber and Mike Meldman in the $1 billion sale of their Casamigos tequila brand to global spirits company Diageo. Ad Age named Waks ‘Attorney to the Stars.’
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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.
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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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