Gimme belters: Music rights firm Round Hill snaps up Rolling Stones and Beatles tracks
Round Hill has made its first acquisition since floating on the London Stock Exchange, snapping up a catalogue of songs from hit artists such as the Beatles and the Rolling Stones.
The music royalties group splashed out $282m (£206m) on the portfolio, representing 86 per cent of the capital it raised after floating in November.
The catalogues includes the copyright to artists such as Joni Mitchell, Billy Joel, Britney Spears, Groove Armada and Katy Perry.
Classic theme songs from shows such as Pokemon, Pretty Little Liars, Buffy the Vampire Slayer and Lost also feature in the catalogue.
Round Hill said the fund was independently valued at $363m.
The deal marks the first step in transferring Round Hill’s existing portfolio of songs from its US private equity fund to its publicly-listed vehicle in London.
Round Hill said it will make a further acquisition of a 30 per cent stake in the catalogue it purchased from Carlin Music Publishing in 2018.
This portfolio includes classic hits such as Elvis Presley, Meatloaf, James Brown and Billie Holiday.
“I am delighted to announce the first acquisition of the company since its IPO, which comprises exceptional songs and catalogues including classic tracks from some of the world’s best-known songwriters and artists,” said Round Hill chair Trevor Bowen.
Round Hill, which is one of a number of companies cashing in the rising value of music rights, said it was building a pipeline of catalogue purchases worth roughly $500m.
The company said it was exploring ways to fund these acquisitions, including a potential equity raise.