Hipgnosis, the royalties investment fund that offers investors the chance to make money from songs by artists from Beyoncé to Blondie, has cut the value of its music portfolio by more than a quarter in the latest blow for the company.
The once high-flying FTSE 250 business, which earns royalties each time one of the thousands of songs to which it owns the rights is played, updated the market on Monday about its continuing strategic review. It also said it would suspend dividends for the foreseeable future and use free cash to pay down debt.
