On Friday (December 12), Universal Music Group said that it has submitted a “robust remedy that comprehensively addresses” the European Commission’s “only remaining concern” about its proposed acquisition of Downtown Music Holdings.
Meanwhile, GoDigital Music acquired “several” Latin music catalogs in a transaction valued at approximately $115 million. The company has also acquired the publishing catalog of Marc Anthony.
Elsewhere, A&R veteran Craig Kallman was appointed Chief Music Officer at Warner Music Group after nearly 35 years at Atlantic Records.
Also this week, Spotify officially launched music videos in the US and Canada for Premium users, while Rostrum Pacific secured $150 million in financing to grow its music catalog.
Here are some of the biggest headlines from the past few days…
1. UMG SUBMITS ‘ROBUST REMEDY’ TO EU REGULATOR TO ADDRESS ‘ONLY REMAINING CONCERN’ ABOUT $775M DOWNTOWN DEAL
Universal Music Group has submitted what it calls a “robust remedy” to the European Commission, following receipt of a Statement of Objections last month regarding its proposed $775 million acquisition of Downtown Music Holdings.
A UMG spokesperson told MBW on Friday (December 12) that the company’s response to the regulator “comprehensively addresses” the Commission’s outstanding issue with the transaction.
“Following constructive conversations with the European Commission, we have submitted a robust remedy that comprehensively addresses the Commission’s only remaining concern,” the spokesperson said.
They added: “This deal is about offering independent music entrepreneurs access to world-class tools and support to help them succeed.
“We are confident that the Commission will recognize the benefits of the transaction for artists, labels, independent music, and fans in Europe, and clear the transaction swiftly…“ (MBW)
2. GODIGITAL MUSIC BUYS MARC ANTHONY CATALOG IN EIGHT-FIGURE DEAL; ACQUIRES BROADER TRANCHE OF LATIN MUSIC RIGHTS IN SEPARATE $115M TRANSACTION
GoDigital Music says it has acquired “several” Latin music catalogs in a transaction valued at approximately $115 million.
The company said that the deal adds more than 30,000 new assets to its catalog and was financed by Regions Bank and Corrum Capital.
As part of the announcement, GoDigital Music also revealed that it has acquired the publishing catalog of Marc Anthony, whom it calls “one of the most influential Latin artists of all time”.
The company confirmed that the separate Marc Anthony deal was an eight-figure transaction… (MBW)
3. CRAIG KALLMAN APPOINTED CHIEF MUSIC OFFICER OF WARNER MUSIC GROUP
A&R veteran Craig Kallman has been appointed Chief Music Officer at Warner Music Group. Based in New York, Kallman will report directly to WMG’s CEO Robert Kyncl.
According to WMG, in this elevated role, Kallman will provide his “deep A&R expertise” across WMG’s artist roster and label group globally.
The move follows his nearly 35 years at Atlantic Records, where he served as Chairman and CEO of the label for two decades before transitioning to Chief Music Officer… (MBW)
4. SPOTIFY LAUNCHES MUSIC VIDEOS IN THE US AND CANADA FOR PREMIUM USERS
Music videos are officially rolling out in beta to Premium Spotify users across the US and Canada.
The feature, which Spotify says is one of the “most anticipated” among its users, will be available to all Premium users in both countries by the end of December, Spotify confirmed in an emailed statement to MBW.
Premium subscribers in the US and Canada will have access to a “limited catalog” of official music videos, along with “new video formats” including live performances and cover versions.
With this rollout, Spotify said that Premium users in the US and Canada will have access to music videos from artists like Ariana Grande, Olivia Dean, BABYMONSTER, Addison Rae, Tyler Childers, Natanael Cano, and Carín León… (MBW)
5. ROSTRUM PACIFIC SECURES $150M FROM CRAYHILL CAPITAL TO ‘ACCELERATE’ MUSIC CATALOG ACQUISITION STRATEGY
Rostrum Pacific, the parent company of indie label Rostrum Records, has secured $150 million in financing to grow its music catalog.
Rostrum said on Thursday (December 11) that the financing came from New York-headquartered Crayhill Capital Management, a private credit investment specialist with $2.9 billion in assets under management.
Crayhill’s financing marks a “significant expansion” of Rostrum’s catalog acquisition strategy, and will allow the company to “pursue catalog opportunities of any scale and integrate them into its robust, fully independent, and already-established ecosystem,” the company said... (MBW)
