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Universal Music Group Gets $240M Minority Stake in Chord Music Partners

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The company will now handle distribution and publishing administration for Chord’s catalog, which includes works released by Fleetwood Mac, Maroon 5 and Beyoncé. 

Universal Music Group (UMG), the world’s largest music company, has acquired a 25.8% interest in Chord Music Partners for $240 million. As part of the deal, UMG will now handle distribution and publishing administration for Chord’s existing catalog, provided by UMG’s Virgin Music Group and Universal Music Publishing Group (UMPG), respectively.

Formed in 2021 by KKR and Dundee Partners, the investment office of the Hendel family, Chord owns over 60,000 copyrights. This includes stakes in top songs like “Dreams” and “Landslide” by Fleetwood Mac, “La Grange” by ZZ Top, “Counting Stars” and “Apologize” by OneRepublic, “Redbone” by Childish Gambino, “I Like Me Better” by Lauv, “Pursuit of Happiness” by Kid Cudi, “All Of Me” by John Legend, “Girls Like You” and “Sugar” by Maroon 5, “Halo” by Beyonce and “A Thousand Years” by Christina Perri.

Following the completion of the transaction, KKR will exit Chord. Previously, it was the majority stakeholder in the catalog firm. Now, Dundee is increasing its share to 74.2% and UMG will hold the remaining minority share.

UMG was advised by Goldman Sachs, Kirkland & Ellis LLP and Freshfields. DLA Piper and Axinn, Veltrop & Harkrider LLP served as legal advisors to Dundee. Fifth Third Bank, National Association served as financial advisor and provided committed financing to Dundee and UMG. The Raine Group served as the exclusive financial advisor and Manatt, Phelps and Phillips, LLP served as legal advisor to Chord Music Partners. Latham & Watkins LLP served as legal counsel to KKR.

Lucian Grainge, chairman/CEO of UMG, said in a statement: “Finding partners who share our passion for identifying iconic songs and recordings that will stand the test of time and deliver long-term growth is essential, which is why we’re so pleased to be working with Stephen and Sam Hendel and Dundee Partners. With the leadership of Jody Gerson at UMPG, Nat Pastor and JT Myers at Virgin, and the support of our experienced creative executives around the world, no one can do more with music rights than our teams. We look forward to creating maximum commercial and creative value for the songwriters and artists in Chord and building for the future.”

Boyd Muir, UMG executive vp/CFO/president of operations added: “We’re excited to partner with the Hendel family in Chord for a number of reasons. First, KKR and Dundee have built a very high-quality catalog that will benefit from our first-rate management and global capabilities. Second, this new structure provides us with an efficient vehicle for future catalog acquisitions, without significant capital allocation through a combination of leverage and partner equity capital. And finally, it offers us the perfect partner to approach future growth opportunistically and flexibly, one who is equally bullish on the long-term prospects for music.”

Sam Hendel, Dundee Partners’ managing principal/co-founder of Chord, added: “We’re thrilled to be partnering with Universal Music Group and embarking on this next exciting chapter for Chord. By combining a best-in-class financial acquisition vehicle with the world’s leading music company, we are creating both a premier platform for music investment as well as a permanent home for premier artists’ legacies and their iconic cultural works. We’d like to thank the team at KKR for their partnership and creating a strong foundation for Chord and its future success.”

“We are grateful to have had the opportunity to collaborate with many leading artists and to create significant value for our investors by building Chord into a differentiated and scaled portfolio,” said Jenny Box, partner at KKR. “We believe that Dundee and UMG will drive further value creation for artists and that they share our commitment to being respectful stewards of artists’ music.”

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Live Music On I-Drive Orlando

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Live Music on I-Drive Orlando; Supper & & Dancing at Cuba Libra. Friday’s & & Saturday’s; DJ Night. Friday and Saturday; Live Acoustic Music. Fridays and Saturdays.

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Lauren Daigle Commemorates New Certifications at Heading Arena Program with RIAA President & & COO Michele Ballantyne

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[[{“value”:”This past weekend, prior to taking the stage at a jam-packed Bridgestone Arena, 2x GRAMMY Award winner and multi-platinum selling artist Lauren Daigle was presented with plaques honoring recent RIAA Certifications.
The post Lauren Daigle Celebrates New Certifications at Headline Arena Show with RIAA President & COO Michele Ballantyne appeared first on RIAA.”}]]

( L-R: Leigh Holt (supervisor, maddjett), Steve Bartels (Creator, Music Bartels), Lauren Daigle, Caren Siedle (CEO Centricity Music), Michele Ballantyne (RIAA President & & COO), Andrew Lambeth (VP, Sales & & Advertising, Centricity Music))

This previous weekend, prior to taking the phase at a loaded Bridgestone Arena, 2x GRAMMY Award winner and multi-platinum selling artist Lauren Daigle existed with plaques honoring current RIAA Certifications. Her 2018 record breaking album, Search For Kid, was formally accredited 2x Platinum. The advancement album debuted at No. 3 on the Signboard Top 200 albums chart and strengthened Daigle’s position as a pillar on the charts. She likewise got a plaque honoring the Gold Accreditation of her single, “Thank God I Do,” which is the lead single from Daigle’s 2023 self-titled album. It marks her sixth Signboard No. 1, making her the very first artist to have 2 songs leading the Leading Christian Tunes chart for more than 20 weeks.

Lauren Daigle is a two-time Grammy ®, seven-time Signboard Music, four-time American Music, and twelve-time GMA Dove Music Award winner. Considering that the release of her GRAMMY ® Acclaimed, 2x platinum-certified 2018 album Search For Kid, that included the 6x platinum-certified hit “You State,” Daigle has actually been a pillar on the Signboard charts. When Search For Kid debuted at No. 3 on the Leading 200 Albums chart, Daigle ended up being the very first female artist in history to at the same time strike the Leading 10 on both Signboard’s Pop and Christian Album charts. Her current GRAMMY Chosen and Mike Elizondo-produced, 23-song, self-titled album’s launching single, “Thank God I Do,” offered Daigle her sixth Signboard No. 1 and was just recently accredited Gold. She’s amassed over a billion streams and wowed crowds for many years with sold-out United States and global trips. Daigle continues to seal her status as a contemporary singing powerhouse with a substantial international fanbase.

Off phase, Daigle stays dedicated to investing her time to promote music education, deal with at-risk youth, and supply look after kids, the senior, and those in requirement through The Cost Fund, a company she established in 2018. To date, she has actually dispersed over $2.5 million to 42 nonprofits all over the world.

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2023 Year-End Music Market Income Report|RIAA

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Taped music profits in the U.S. in 2023 continued strong development for the 8th successive year. Overall profits grew 8% to a record high $17.1 billion at approximated retail worth. Streaming continued to be the most significant chauffeur of development with record levels of engagement in paid memberships, continued development in ad-supported profits, and growing contributions from brand-new platforms and services. At wholesale worth profits grew 7% to a record high of $11 billion.

Download the complete report here

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