The City’s growing scepticism over the value of investments in song catalogues today led the London-listed Hipgnosis Songs Fund to sell $465million worth of music royalty rights after claiming its shares did not reflect the true value of its portfolio.
The Hipgnosis fund sold the rights to songs by artists including Shakira, the Kaiser Chiefs and Barry Manilow to an unlisted partnership between its parent company and private equity giant Blackstone. It will use the proceeds to pay down debts and buy back $180 million worth of shares.
