US collection and licensing society SESAC has officially completed its acquisition of the Harry Fox Agency – transforming the company into a one-stop mechanical and performance rights management organisation.
The Harry Fox Agency, which has approximately 50,000 music publishing clients, has been bought from previous owner, the National Music Publishers Association (NMPA).
The fee for the acquisition was not disclosed.
John Josephson, Chairman and CEO of SESAC, Inc., said: “SESAC is pleased to announce that, following approval by the NMPA Board and membership, the acquisition of the Harry Fox Agency has been completed.
“The Harry Fox Agency (HFA) is the leading U.S. mechanical rights organization and this acquisition establishes SESAC as the only Music Rights Organization in the United States.
“We look forward to driving greater efficiency in licensing for music users.”
John Josephson, SESAC
“SESAC will have the ability to offer singular licenses for the works of its affiliated writers and publishers that aggregate both performance and mechanical rights for those users interested in such an option.
“We look forward to driving greater efficiency in licensing for music users, as well as enhanced value for music creators and publishers.”
SESAC is the only for-profit songwriter/publisher PRO in the U.S, but also claims to be the only PRO to pay monthly radio royalties and the first PRO to pay songwriters and publishers for live performances.
Its recent signings include Green Day, Mariah Carey, Zac Brown, Charli XCX and Nikki Sixx. They join stalwarts Bob Dylan, Neil Diamond, Lady Antebellum and the Kurt Cobain estate.Music Business Worldwide