Following the announcement that Spherical Hill Music Royalty Fund (RHM) accepted a proposal from Harmony for acquisition, the deal has formally accomplished.
The UK-listed fund was offered for $468.8 million following overwhelming approval from the RHM board. “Harmony has a worldwide staff of sync, licensing, advertising, copyright, and royalty specialists nicely positioned to maximise the worth of this portfolio for all the songwriters and artists inside it,” stated Bob Valentine, CEO of Harmony on the time the acquisition proposal was introduced.
RHM boasts a number of royalty-generating evergreen music copyright belongings, together with the rights of 51 catalogs and over 150,000 songs. The RHM portfolio consists of tracks from artists like Celine Dion, James Brown, Bonnie Tyler, Phil Collins, Backstreet Boys, and Louis Armstrong. RHM additionally owns a stake within the Carkin catalog, which incorporates hits from Johnny Money, Aretha Franklin, Ella Fitzgerald, Meatloaf, Air Provide, Bonnie Tyler, Elvis Presley, Peggy Lee, and George Harrison.
Following information of growth into Australasia in addition to its acquisition of Mojo Music & Media, Harmony introduced its provide for RHM in September 2023. On October 18, with the RHM board endorsing the acquisition, the deal was overwhelmingly permitted with 99% of voters solid in favor of the acquisition.
“Your complete staff at Harmony is thrilled to have the ability to characterize these iconic catalogs,” provides Bob Valentine concerning the acquisition. “It’s now our obligation to show these songs and recordings to an excellent bigger viewers than their present extraordinary fan bases. Furthering the cultural affect that these works have is definitely a duty that we take severely.”
“Since our inception, Harmony has demonstrated a transparent observe document of preserving the legacy of our artists whereas leveraging new and revolutionary alternatives to create new followers. I can’t wait to see what our world inventive groups of sync, licensing, advertising, copyright, and royalty specialists provide you with subsequent.”
Harmony says the deal additional highlights its dedication to continued development and general confidence within the copyright market.