Earlier this week, Music Enterprise Worldwide broke the information that Harmony had splashed USD $217.3 million on a thriller catalog from a Latin Music artist and songwriter.
It’s now not a thriller. The artist in query is Daddy Yankee, the Puerto Rican famous person whose La Última Vuelta World Tour generated an estimated USD $198 million in 2022.
Harmony has acquired components of the music publishing and recorded music catalog of the reggaetón star, together with rights to his personal hits together with Rompe, Gasolina, and Con Calma, plus his featured artist position on Despacito.
As well as, the acquisition covers some title, picture, and likeness (NIL) rights.
As MBW advised you earlier this week, a latest report revealed by Kroll Bond Score Company revealed that Harmony had acquired a catalog from “a extremely profitable Latin Music artist and songwriter” for USD $217.3 million.
That Kroll report was linked to an Asset Backed Securities (ABS) transaction which noticed Harmony elevate $850 million in new debt financing secured towards its catalog of rights.
Curiously, that ABS valued Harmony’s rights portfolio at USD $5.1 billion – a big rise on the $4.2 billion valuation that Kroll slapped on Harmony’s property in December 2023.
A part of that rise could be defined by acquisitions made by Harmony, led by CEO Bob Valentine, over the previous 12 months.
The brand new Kroll valuation of Harmony’s portfolio takes under consideration Harmony’s acquisition of the Spherical Hill Music Royalty Fund Restricted property in 2023 and Mojo Music and Media (additionally in 2023) – two offers which Kroll’s report suggests have been valued at a mixed $606.3 million.
Kroll’s new valuation additionally takes under consideration the acquisition of the Daddy Yankee catalog.
Harmony manages multiple million compositions, grasp recordings, and associated property throughout writers/artists together with stars equivalent to R.E.M, Creed, Genesis, Phil Collins, Mike + The Mechanics, and Carrie Underwood.
Final 12 months, Harmony bulked up its frontline recorded music credentials with the announcement of a JV label, PULSE Information, with the extensively revered Pulse Music Group group.
Harmony turned a majority proprietor in Pulse Music Publishing by way of a $100m+ deal in 2020. PULSE has seen success within the US and globally this 12 months with the Tommy Richman hit Million Greenback Child (PULSE Information/ ISO Supremacy).
Harmony, which continues to be majority-owned by its long-term backer, State of Michigan Retirement Techniques, entered right into a means of exploring a sale itself (participating Goldman Sachs as its wing-person) a few years in the past.
That course of led to a ~$5 billion takeover provide from an unnamed suitor, however this price-tag wasn’t deemed massive sufficient for the corporate, which was searching for “extraordinary” affords solely.Music Enterprise Worldwide
