TIDMSONG
RNS Number : 5803Y
Hipgnosis Songs Fund Limited
10 May 2019
10 May 2019
Hipgnosis Songs Fund Limited ("Hipgnosis" or the "Company")
Acquisition of Music Catalogue
The Board of Hipgnosis Songs Fund Limited and its Investment
Adviser, The Family (Music) Limited, are pleased to announce that
the Company has acquired a music catalogue from David A. Stewart.
David A. Stewart is an English musician, songwriter, and record
producer, best known for Eurythmics, his successful partnership
with Annie Lennox.
David A. Stewart co-wrote and produced each of Eurythmics'
albums, including eight Top 5 and three Number 1 UK albums, which
are estimated to have sold over 100 million albums worldwide. With
Eurythmics, David A. Stewart co-wrote 13 US Number 1 singles,
including 'Sweet Dreams (Are Made of This)', 'Would I Lie To You'
and 'There Must Be An Angel (Playing With My Heart)'. According to
the British Phonographic Institute (BPI), the iconic 'Sweet Dreams
(Are Made Of This)' is the most streamed song of any song
originally released in 1983. Eurythmics were awarded the Ivor
Novello Award for 'Songwriters of the Year' in 1984 and 1987 and
'Best Contemporary Song' in 1987 for 'It's Alright (Baby's Coming
Back)', the 1987 Grammy Award for 'Best Rock Performance by a Duo
or Group with Vocal' for 'Missionary Man' and the 1999 Brit Award
for 'Outstanding Contribution to British Music'. In 2005, both
David A. Stewart and Annie Lennox were elected to the UK Music Hall
of Fame.
Both during and following Eurythmics, David A. Stewart has
produced and written songs with globally successful artists
including Tom Petty on his US Number 3 'Don't Come Around Here No
More', No Doubt on their US Number 1 'Underneath It All',
Shakespear's Sister on 'Stay', which was a UK Number 1 for eight
consecutive weeks, in addition to songs with Mick Jagger, Bono, Bob
Dylan, Gwen Stefani, Bon Jovi, Stevie Nicks, Bryan Ferry, Katy
Perry, Sinead O'Connor and Joss Stone. David A. Stewart has also
had major successes as an artist, including the instrumental 'Lily
was Here', a legendary duet with Candy Dulfer which was a global
hit single and reached Number 6 in the UK.
David A. Stewart has been awarded 'Best British Producer' at the
Brit Awards an unprecedented three times in 1986, 1987 and 1990. In
addition he was awarded the 2004 Ivor Novello Award for
'Outstanding Contemporary Song Collection', a Golden Globe and
Critics Choice Award in 2005 for 'Old Habits Die Hard' with Mick
Jagger and Clive Davis' 'Legend in Songwriting Award'.
Hipgnosis has acquired 100% of David A. Stewart's copyright
interest in his catalogue, comprising 1,068 songs in total, which
includes his writer's, artist's and producer's share of income.
David A. Stewart was represented by manager, Dave Kaplan and
attorney, Peter Paterno.
Merck Mercuriadis, Founder of The Family (Music) Limited and
Hipgnosis Songs Fund Limited, said:
"This is an incredible moment for Hipgnosis. I have been lucky
enough to know Dave since the summer of 1983 and I have spent most
of those 35 years marvelling at his incredible work. I consider him
to be one of the most important songwriters, artists and producers
of all time. The work he and Annie did together as Eurythmics
defines the 1980s and 1990s but still remains timeless today. He
brought the same spirit to the Top 5 and Number 1 hits he produced
and wrote with Tom Petty, No Doubt, Shakespear's Sister and so many
more. It's an honour for Nile Rodgers and I to welcome Dave to our
Advisory Board and to the Hipgnosis family. I'm not generally one
for puns but sweet dreams are literally made of this."
David A. Stewart said:
"Merck understands that without the song there is nothing and
therefore holds songs with the utmost respect, hence understanding
their impact on society and their long term value. He sees his
company more like a song management company unlike many publishers
who act more like a collection agency and wait for the money to
pour in. I'm excited to be on the advisory board of this forward
thinking company and sure we will have great success together."
Dave Kaplan said:
"After putting everything in place during the negotiation, it
was hard to imagine Dave's iconic body of work could possibly have
come from one human being in one lifetime (so far)! It would be
tough to find anyone who values great songs and important artists
more than Merck, who's also a wickedly sharp dealmaker. This deal
is monumental, and a perfect match."
For further information, please contact:
The Family (Music) Limited Tel: +44 (0)1481 742742
Merck Mercuriadis
N+1 Singer Tel: +44 (0)20 7496
James Maxwell / James Moat (Corporate 3000
Finance)
Alan Geeves / James Waterlow / Sam Greatrex
(Sales)
The Outside Organisation Tel: +44 (0)7711 081
Alan Edwards / Nick Caley 843
NOTES TO EDITORS
About Hipgnosis Songs Fund Limited
(www.hipgnosissongs.com)
Hipgnosis, which was founded by Merck Mercuriadis, is a Guernsey
registered investment company established to offer investors a
pure-play exposure to songs and associated musical intellectual
property rights. In its Initial Public Offering on the Specialist
Fund Segment of the London Stock Exchange's main market on 11 July
2018, the Company raised approximately GBP200m gross equity
capital. In its Subsequent Placing under its Placing Programme on
12 April 2019, the Company raised approximately GBP140m of further
equity capital.
About The Family (Music) Limited
The Company's Investment Adviser is The Family (Music) Limited,
which was founded by Merck Mercuriadis, former manager of globally
successful recording artists, such as Elton John, Guns N' Roses,
Morrissey, Iron Maiden and Beyoncé, and hit songwriters such as
Diane Warren, Justin Tranter and The-Dream, and former CEO of The
Sanctuary Group plc. The Investment Adviser has assembled an
Advisory Board of highly successful music industry experts which
include award winning members of the artist, songwriter,
publishing, legal, financial, recorded music and music management
communities, all with in-depth knowledge of music publishing.
Members of The Family (Music) Limited Advisory Board include Nile
Rodgers, The-Dream, Giorgio Tuinfort, Starrah, Nick Jarjour, Bill
Leibowitz, Ian Montone, and Jason Flom.
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END
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