LONDON (CelebrityAccess) – Hipgnosis Song Management’s founder and chairman, Merck Mercuriadis, has announced his plan to step down in a significant shift for the music investment world. This move will coincide with Blackstone’s proposed acquisition of Hipgnosis Songs Fund, operating under the entity Lyra Bidco.
The past nine months have been turbulent for the Hipgnosis Songs Fund, managed by Hipgnosis Song Management. The company has faced a shareholder revolt, internal conflicts between Mercuriadis and the board, and a competitive bidding war, culminating in Blackstone’s forthcoming takeover.
Hipgnosis is renowned for its impressive catalog, boasting shares in iconic songs and catalogs from artists such as Shakira, Journey, Ed Sheeran, Neil Young, Christine McVie, Lindsey Buckingham, Blondie, Nile Rodgers, Pusha T, and many more.
Reflecting on his decision, Mercuriadis stated, “Six years after founding HSM, I have decided that now is the right time for me to step back from my role as chairman. This is a timely opportunity for me to undertake a strategic shift of focus and to spend more time advocating on behalf of songwriters to ensure that they are properly compensated for their work.”
He highlighted the achievements of Hipgnosis, emphasizing the company’s commitment to songwriters, “With Hipgnosis Songs Fund and Hipgnosis Songs Assets, we have created an outstanding catalog of rights to an unrivaled collection of iconic and culturally important songs from phenomenal songwriters who I knew would be proud to stand next to each other. HSM has been built on an ethos that has always put the songwriting community first, and I am unwavering in my commitment to all our songwriters.” Mercuriadis further expressed his dedication to ensuring songwriters have a voice in discussions about their compensation, noting the importance of current and future legislative discussions.
As Hipgnosis Songs Fund transitions into its next chapter, Mercuriadis expressed confidence in the company’s leadership under Blackstone: “As Hipgnosis Songs Fund enters the next phase of its development, now is the right time to hand the reins to a trusted and competent team. I am excited about the company’s future and its ongoing success with the support of Blackstone.”
Qasim Abbas, Blackstone Tactical Opportunities’ senior managing director, praised Mercuriadis for his contributions, stating, “On behalf of Blackstone, I would like to thank Merck for his support and contribution to HSM. Merck’s dedication to songwriters and his advocacy on their behalf is second to none, and we respect and will seek to build on the platform he founded.” He reaffirmed Blackstone’s commitment to the music rights market, noting their acquisition of major catalogs during their partnership with HSM.
Ben Katovsky, CEO of Hipgnosis Song Management, also acknowledged Mercuriadis’ impact, saying, “Merck’s vision and passion in creating Hipgnosis, assembling an extraordinary portfolio of iconic songs and campaigning for songwriters to be fairly paid has been instrumental in Hipgnosis’ journey to date. I am grateful for his support and the trust that has been placed in me and the HSM team to build on his passion.” Katovsky emphasized the team’s dedication to continuing the legacy of bringing iconic songs to new audiences and ensuring their ongoing success.
This strategic shift marks a new era for Hipgnosis Song Management, which continues to navigate the landscape of music rights and advocate for songwriters worldwide.
