HarbourView Equity Partners has acquired the publishing catalog of latin music superstar Luis Fonsi, the artist known globally for his megahit Despacito with Daddy Yankee.
Launched just four months ago by former Tempo Music CEO Sherrese Clarke Soares, HarbourView is focused on investment opportunities in the media and entertainment space.
As reported in October, investment giant Apollo Global Management, which has a portfolio of assets under its management worth around $481 billion as of Q3 2021, has formed a long-term strategic relationship with HarbourView.
That relationship, according to the company’s website, will see HarbourView “manage up to $1 billion of investable capital from funds/clients managed or advised by Apollo to acquire music copyrights related to both recorded music and music publishing”.
According to HarbourView, the deal with Luis Fonsi, for an undisclosed sum, “was expeditiously negotiated and closed in just two weeks”.
HarbourView has acquired the songwriter and publisher share on all songs in the catalog written or co-written by Luis Fonsi.
The Financial Times reports that “industry executives estimated that Fonsi’s catalog could fetch as much as $100 million”.
The FT also reports that HarbourView has already “struck 24 music deals spanning more than 10,000 songs”, since October and that this portfolio “would draw $20m to $30m in annual net income from royalties”.
Fonsi, an award-winning artist from Puerto Rico, is described by HarbourView as “one of the leading Latin Music figures of his generation”.
The catalog will continue to be administered by Sony Music Publishing.
HarbourView founder and CEO Sherrese Clarke Soares has 20-plus years’ experience in the entertainment and media industries, with stints at CIT, Morgan Stanley and Tempo Music.
“We are extremely excited to acquire the chart-topping, multi-platinum selling catalog of world renowned artist Luis Fonsi.”
Sherrese Clarke Soares
Fonsi’s albums have reached gold, platinum, and diamond status multiple times, and he has received awards including four Grammy nominations, five Latin Grammy Awards, five Billboard Awards, 12 Latin Billboard Awards, 17 Premios Juventud Awards, two American Music Awards, and two Teen Choice Awards.
In addition to his awards, Fonsi has received seven Guinness World Records titles thanks to his chart-topping song Despacito.
His ninth album Vida, debuted at No. 1 on Billboard’s Top Latin Albums chart and certified double diamond for more than 1.3 million copies sold in the United States alone.
Four of the singles from Vida, including Despacito, with Daddy Yankee and Justin Bieber, Échame La Culpa, with Demi Lovato, Calypso, with Stefflon Don, and Impossible with Ozuna, reached No.1 on the radio charts.
Since its release in February 2019, Vida has been nominated for a Grammy, Latin Grammy, Latin American Music Awards, Premio Lo Nuestro, and Premios Billboard a la Música Latina, among others.
“We are extremely excited to acquire the chart-topping, multi-platinum selling catalog of world renowned artist Luis Fonsi,” said Clarke Soares.
“This remarkable acquisition grounds us firmly in our mission to support creators and maximize value for all and is a fantastic addition to our existing portfolio of iconic intellectual property.”Music Business Worldwide