What in the world, Beyoncé’s former Manager Merck Mercuriadis has raised $260 million dollars to acquire her most popular songs… This is what happens when artist don’t own their masters..
According to Complex:
Music IP company, Hipgnosis Songs, founded by Beyoncé’s former manager, Merck Mercuriadis, just raised £200 million (or $260 million) of investment capital with the goal of acquiring some of the pop queen’s most popular tracks. Mercuriadis, who also managed Guns N’ Roses, Elton John, and Diane Warren, won’t just be aiming for Bey though. Per Billboard, his company looking to gain “eight catalogs from well-known songwriters, spanning over 1,000 songs, including more than 10 Number 1s in the U.K. and U.S.” Before the fundraiser, a former IPO named Adele, Beyoncé, Justin Bieber, and Kanye West as potential musicians to go after.
“I believe that the song, even more so than the artist, is the most important component in a hit record,” Mercuriadis said. “I’ve spent the better part of the last 35 years advocating for great artists, songwriters and producers and my ambition is to grow the fund not only to provide great returns for our investors but equally well in due course to create the leverage that only critical mass can provide to change the songwriters position in the economic model.”