Blackstone music deal can spare just a cent

Hipgnosis Songs Fund

03/06/2024 18:25

(The author is a Reuters Breakingviews columnist.  The opinions
expressed are her own.)
    By Jennifer Saba
       NEW YORK, June 3 (Reuters Breakingviews) - Steve
Schwarzman’s firm is raising its bid for Hipgnosis Songs Fund by
a penny. His private equity firm famously top-ticked the
property market and the music deals have similar tunes. While
the $1.6 bln price helps, high interest rates make it hard to
strike the right note.
    Full view will be published shortly.
    Follow @jennifersaba on X
           
    CONTEXT NEWS 
    Blackstone raised its offer for Hipgnosis Songs Fund on June
3 by one penny to $1.31 per share, valuing the music catalogue
at $1.6 billion.
    The revised bid is the result of Hipgnosis incurring lower
adviser fees related to the transaction, according to the
company’s press release.

 (Editing by Lauren Silva Laughlin and Sharon Lam)
 ((For previous columns by the author, Reuters customers can
click on  SABA/ 
jennifer.saba@thomsonreuters.com; Reuters Messaging:
jennifer.saba.thomsonreuters.com@reuters.net))