Blackstone wins bidding war for UK music rights firm / Photo: Ethan Miller - GETTY IMAGES NORTH AMERICA/AFP/File
-
England edge ahead in third Test after latest Pakistan collapse
-
How hot can the US-Canada trade war get?
-
'Alarm bells ringing': US summer heat shatters record
-
Iran strikes ships, expands no-go zone outside Hormuz strait
-
IAEA board refers Iran to UN Security Council
-
'Gambling with our lives': AI researcher quits Anthropic
-
Rubio pushes extraditions, anti-drug fight in Ecuador
-
Belgium raids illicit cigarette factory in push to stub out growing trade
-
Amboss and Aureo Connect the Lightning Network to Mexico's Banking System
-
Vuelta debutant Brennan claims fifth victory on stage 17
-
Brent oil passes $100 on Mideast flare-up, stoking inflation fears
-
US had warmest summer on record: climate agency
-
Israeli settlement winemaker defiant after UK-led trade sanctions
-
Meta tests fact-check replacement in Latin America
-
Josh Kerr: I pick my races and never get 'greedy'
-
Soviet brutality, ideology backdrop of controversial Venice film
-
Carrick confident Man Utd can go far in 'magical' Champions League
-
McIlroy predicts player exodus after LIV files for bankruptcy protection
-
France far right expels policeman member over racist remarks
-
Global Multi-Asset Broker FP Markets Secures UAE CMA Category 5 Licence
-
Pakistan collapse to 133 all out against England in 3rd Test
-
Brent oil passes $100 on Mideast flare-up, stoking inflation worries
-
Heat forces French champagne makers to stiffen their drink
-
'Nothing left': thousands in Yemen flee deadly Houthi clashes
-
Iran war drives oil prices to $100 per barrel as Tehran strikes ships
-
Spain endured hottest summer on record: weather agency
-
Pakistan collapse to 100-7 against England in 3rd Test
-
'A celebration': Amsterdam museum unveils Kusama show weeks after death
-
Workers, migrants focus of documentaries by Oscar winners at Venice
-
IC Markets Australia Wins People's Choice Forex Broker Innovation Award at the 2026 Finder Innovation Awards
-
Nepal seeks survivors two weeks after deadly floods
-
Brent oil tops $100 on Mideast flare-up, fanning inflation fears
-
Bangladesh measles crisis kills more than 1,000 children
-
EU wants to edge out China in public contracts
-
Pakistan collapse to 26-4 against England in 3rd Test
-
Google unveils 13 bn euro AI expansion in Finland
-
EU helps cities tighten screws on Airbnb, holiday rentals
-
Singapore's hefty ministerial pay hikes draw mixed feelings
-
Courtois to put Belgium career on hold
-
Cyberattack ruled out in UK air traffic glitch as more flights axed
-
RavenDB Launches Quill to Bring Production AI Agents to Enterprise SQL Systems, No Migration Required
-
Ekiden Launches Canton Network’s First Order Book-Based Derivatives Exchange
-
Affleck family affair at Venice for Casey's latest film 'Company'
-
Germany's Merz accuses AfD of promoting 'ethnic cleansing'
-
Yemen rebels report fresh Saudi strikes as conflict deepens
-
Japanese director Kore-eda's manga film charms critics in Venice
-
'They're playing with our lives': AI researcher quits Anthropic
-
As African space race heats up, Senegal pursues homemade satellites
-
Series finale of 'Babylon Berlin' offers dark mirror for today's Germany
-
UK's little-known Bayeux Tapestry replica steps into spotlight
NYSE - LSE
Blackstone wins bidding war for UK music rights firm
US private equity firm Blackstone emerged victorious Thursday in a takeover battle for struggling UK music rights owner Hipgnosis Songs Fund, after American group Concord refrained from improving its bid.
Concord, a rival to Hipgnosis, said in a statement that it would not hike its $1.5-billion bid after Blackstone agreed a $1.6-billion offer.
Hipgnosis manages the rights to more than 150 of the world's biggest song catalogues, including Justin Bieber, Shakira and Neil Young.
Concord "confirms that its offer of $1.25 per Hipgnosis share is final and will not be increased", it said in a brief statement clearing the path for Blackstone.
The US private equity house last week ramped up its bid to $1.30 per share.
"It looks like the battle for Hipgnosis Songs Fund won't be having another encore," said AJ Bell investment director Russ Mould.
Hipgnosis was co-founded in 2018 by guitarist and producer Nile Rodgers and Merck Mercuriadis, former manager of Beyonce and Elton John.
The London-listed fund has been plagued by concerns over asset valuations and recently slashed the value of its songs catalogue by more than a quarter to $1.93 billion.
That came after Hipgnosis revealed in December that its first-half net losses tripled on tumbling sales.
T.Perez--AT