Music entrepreneur Merck Mercuriadis is to step down as chair of Hipgnosis Song Management, the company he set up six years ago to manage music rights. The company said on Tuesday that Mercuriadis would exit upon completion of Blackstone’s $1.6bn acquisition of Hipgnosis Songs Fund, which is managed by HSM and owns the rights to works by Blondie and the Red Hot Chili Peppers among others. Blackstone is already the majority owner of HSM.
Streaming services had powered a revival in music revenue, while rock-bottom interest rates had left investors searching for places to put their money. As a result, an unprecedented amount of Wall Street cash flowed into song copyrights — which had historically been a staid, arcane pocket of the music business. But in the past few years Hipgnosis has fallen into disarray after its share price dropped well below the valuation that Mercuriadis’s group said it was worth.
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