Beyoncé’s Ex-Manager Raises Money To Buy Some Of Her Songs
According to reports from Billboard, Hipgnosis Songs, a music IP company founded by Beyoncé’s former manager Merck Mercuriadis, just raised $260 million of investment capital with the goal of acquiring some of the star’s most popular tracks.
Mercuriadis, who also managed artists including Guns N’ Roses, Elton John, and Diane Warren, won’t just be aiming to buy tracks from Bey though. It looks like his company looking to gain “eight catalogs from well-known songwriters, spanning over 1,000 songs, including more than 10 Number 1s in the U.K. and U.S.” according to Billboard.
Before the fundraiser took place, a former IPO named Adele, Beyoncé, Justin Bieber, and Kanye West as potential musician catalogs to go after.
“I believe that the song, even more so than the artist, is the most important component in a hit record,” Mercuriadis said. “I’ve spent the better part of the last 35 years advocating for great artists, songwriters and producers and my ambition is to grow the fund not only to provide great returns for our investors but equally well in due course to create the leverage that only critical mass can provide to change the songwriters position in the economic model.”