Hipgnosis Songs Fund Limited (LON:SONG) has acquired a 75% stake in the song catalog of Terius Youngdell Nash aka The-Dream. The fund, which listed on London’s main exchange today, will pay $23.75 million USD.
Songs in the The-Dream's catalog include #1 singles "Umbrella", which topped wthe charts for Rihanna in more than 20 countries; "Single Ladies (Put a Ring on It)", the 2010 Grammy Award Song of the Year; and the multi-platinum Touch My Body by Mariah Carey.
"It's critical for us to set the highest standards with our first acquisition,” said Merck Mercuriadis, the founder and CEO of Hipgnosis Songs. “It's an honour for this to not only be our first order of business but also to welcome Dream to our advisory board. He is a catalyst on so many levels and a big part of our future."
Mercuriadis has previously served as the manager of Guns N' Roses, Iron Maiden, Elton John, Morrissey, Pet Shop Boys, Macy Gray, Mary J. Blige, Joss Stone, Jane's Addiction and others. From 1986 - 2007, he was the CEO of management group and label Sanctuary Group.
Hipgnosis Songs Fund Ltd has already raised $260 million USD for music catalog acquisition in a private offering.