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Cinq\u00a0<\/strong>Music\u2019s parent company,<\/strong> GoDigital,<\/span>\u00a0has secured USD $230 million in a new capital raise.<\/p>\n GoDigital has confirmed that the funding was led by Bank of America<\/strong>, with participation from Mitsubishi UFJ Financial Group, East West Bank, First Horizon, Fifth Third, and Flag Star.<\/p>\n The company said on Monday (November 3) that the funding brings its total capital raised to date to over USD $1 billion.<\/strong><\/span><\/p>\n The funding news arrives alongside a revamp of the GoDigital<\/strong> brand.<\/p>\n The company has shed its former \u201cMedia Group\u201d identity and said that it is \u201cleaning into the future\u201d with the creation of three new business units: GoDigital Music, Networks, and Brands.<\/strong><\/p>\n The latest capital raise was conducted through its Los Angeles-based GoDigital Music division.<\/p>\n \u201cGoDigital is a powerful brand because its vision and purpose are anchored in inspiring happiness by sharing creativity,\u201d said Jason Peterson<\/a><\/strong>, Chairman & CEO.<\/p>\n \u201cThis financing, led by Bank of America, further validates GoDigital Music\u2019s strategy of focusing on durable culturally significant artists and repertoire from large and fast growing markets around the world.\u201d<\/p>\n Jason Peterson, GoDigital<\/span><\/p>\n<\/blockquote>\n Peterson added: \u201cThis financing, led by Bank of America, further validates GoDigital Music\u2019s strategy of focusing on durable culturally significant artists and repertoire from large and fast-growing markets around the world.\u201d<\/p>\n According to GoDigital, to \u201creflect its evolution to now encompass distribution, publishing, record label, and catalog innovation\u201d, Cinq Music, <\/strong>which currently sits within the newly launched GoDigital Music division in L.A., will undergo a rebrand of its own.<\/p>\n GoDigital said that the Cinq Music <\/strong>rebrand\u00a0\u201cwill include a new name, which will be re-launched in the near future, alongside the development of multiple other genre-specific imprints\u201d.<\/p>\n GoDigital<\/span> noted its press release on Monday (November 3) that the company\u2019s \u201cflagship music division has been a growing force in the music acquisition space\u201d with a catalog that includes \u201cwell over\u201d 80,000<\/strong> assets, \u201cspanning many music genres, superstar artists and multi-platinum hits\u201d.<\/p>\n Cinq Music raised\u00a0$250 million<\/strong><\/a> from its parent company\u00a0<\/strong>in February last year\u00a0for acquisitions primarily in the reggaeton, M\u00fasica Mexicana, Afrobeats, and country genres.<\/p>\n A few months later, Cinq acquired<\/a> the catalog of the late producer and songwriter Jos\u00e9 \u00c1ngel Hern\u00e1ndez, aka Flow La Movie.<\/p>\n The company also recently acquired<\/a> the publishing of Country music producer and songwriter Jimmy Robbins, who most recently contributed to Morgan Wallen\u2019s chart-topping album, I\u2019m The Problem (Dark Til Daylight,<\/em> Drinking Til It Does<\/em>).<\/p>\n Elsewhere, Cinq fully acquired<\/a> record label Beluga Heights<\/strong> in September 2020, which included multi-platinum artist Jason Derulo\u2019s recording catalog.<\/p>\n In December 2012, Cinq Music Group<\/a> announced that it had\u00a0acquired the master rights<\/a>\u00a0to rapper T.I\u2019s catalog.<\/p>\n GoDigital said in a press release issued on Monday that the \u201cnews of continued investment into GoDigital Music will enable the company to scale its innovation initiatives and support the development and financial goals of many more artists around the world\u201d.<\/p>\n It added: \u201cFocusing heavily on acquisitions in Reggaet\u00f3n, M\u00fasica Mexicana, Afrobeats, K-pop and country genres, the company deploys a well diversified and global strategy, proving them as tastemakers in the ever evolving music landscape.\u201d<\/p>\n Alongside Cinq, GoDigital owns the likes of\u00a0Latido Music\u00a0<\/a>(a 24-hour linear music channel focusing on US Hispanic audiences), plus\u00a0mit\u00fa<\/a>\u00a0(described by Peterson as a \u201cBuzzfeed for Latinx audiences in the US\u201d), which offers entertainment, news and music programming through a video-led platform.<\/p>\n In August 2022, GoDigital teamed up with MEP Capital to acquire US-based\u00a0NGL Collective<\/a>, described as a \u201cNew Generation Latinx digital-first media and entertainment company\u201d. As part of the acquisition, NGL Collective merged with GoDigital\u2019s\u00a0mit\u00fa<\/a>, which it acquired in Q1 2020, to create\u00a0NGLmitu<\/a>.<\/p>\n\n