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Investec has downgraded Hipgnosis Songs from ‘Buy’ to ‘Hold’ after the trust announced it would be selling a fifth of its music catalogues for $465m.
Global asset manager The Blackstone Group (NYSE:BX) will acquire rights to a catalogue of songs by best-selling artists such as Colombian superstar...
The Hipgnosis Songs fund (SONG) has agreed the sale of 29 catalogues to Hipgnosis Songs Capital to fund a share buyback programme and reduce debt.
Music catalogues investor Hipgnosis Songs Fund will sell some catalogues to a partnership between its investment adviser and funds advised by Blackstone for $465million, or around £372million.
Potential bidders for the £2.4bn Hipgnosis Songs fund (SONG) could be dissuaded from making a takeover offer by a number of impediments.