Chord Music Partners is one of the most interesting players in the music catalogue-buying space, not least because Universal Music Group bought a 25.8% stake in it early last year.
Yesterday, UMG announced a new strategic investment in Chord from Searchlight Capital Partners, a private investment company. As far as we can tell, it’s the latter’s first stake in a music entity.
“Searchlight’s expertise, network and ability to meaningfully contribute toward expanding Chord’s premier IP portfolio make Searchlight an ideal strategic partner for our Company’s next chapter,” said Chord co-founder Sam Hendel.
Figures were not mentioned in the announcement, but MBW reported that the deal is part of a wider funding round that will raise $1bn-$2bn for Chord by October.Quite the warchest for future catalogue acquisitions…
‘ The preceding article may include information circulated by third parties ’
‘ Some details of this article were extracted from the following source musically.com ’
