Hipgnosis adds Metallica and Michael Buble rights as it launches share sale
Music royalties fund Hipgnosis has acquired the producer rights to a string of tracks by Metallica and Michael Buble as it announced a new share issue to help fund its non-stop buying spree.
The London-listed firm has acquired 100 per cent of a catalogue of songs made by Canadian record producer and mixer Bob Rock.
The catalogue comprises 43 songs in total, including Metallica’s self-titled album and four number one Michael Buble albums — Call Me Irresponsible, Crazy Love, Christmas and To Be Loved.
“The breadth of Bob Rock’s enormous successes is almost impossible to match by any creator in the history of music,” said Hipgnosis boss Merck Mercuriadis.
“From Metallica’s most famous Black Album to Michael Buble’s Christmas, he has produced some of the biggest albums of all time that continue to be evergreen, year in and year out.”
The acquisition is the latest in a flurry of catalogue purchases by Hipgnosis, which generates additional revenue by placing songs in films, TV shows and adverts.
The company has already made five acquisitions this year, including rights to songs by Shakira, Neil Young and Fleetwood Mac songwriter Lindsey Buckingham.
It came as Hipgnosis today announced the launch of a fresh share sale to help fund its song buying spree.
The FTSE 250 firm said it will place the ordinary shares at 121p, marking a 1.2 per cent discount on its closing price yesterday.
In addition, the music fund said it will pay an interim dividend of 1.3p per share for the period from 1 October to 31 December.
Hipgnosis said any new shares bought in the placing would not be eligible for the dividend payment.