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{"id":142519,"date":"2023-11-06T14:20:23","date_gmt":"2023-11-06T19:20:23","guid":{"rendered":"https:\/\/celebrityaccess.com\/?p=142519"},"modified":"2023-11-06T14:20:23","modified_gmt":"2023-11-06T19:20:23","slug":"hipgnosis-suspends-dividends-until-2024","status":"publish","type":"post","link":"https:\/\/dev.celebrityaccess.net\/2023\/11\/06\/hipgnosis-suspends-dividends-until-2024\/","title":{"rendered":"Hipgnosis Suspends Dividends Until 2024"},"content":{"rendered":"LONDON (CelebrityAccess) — Hipgnosis Songs Fund Ltd, owners of music catalogs by artists such as Red Hot Chili Peppers, Kenny Chesney, and Justin Bieber, announced that after a review of its financial position, it would not declare new dividends until the start of the fiscal year 2024 in April in a bid to conserve cash.<\/p>\n
The review follows a shareholder vote in late October where shareholders rejected a proposed $440 million sale of 29 music catalogs to private equity backer Blackstone and immediately remove chairman Andrew Sutch.<\/p>\n
Shareholders also voted to reject proposals for the investment fund to continue operating as an investment trust for another five years, prompting the review.<\/p>\n
The announcement about dividends also follows Hipgnosis’ decision last month to suspend previously announced dividends in the wake of lowered retroactive royalty payments following the CRB III decision.<\/p>\n
Additionally, Hipgnosis revealed that its catalogs are underperforming with just ten out of the Company’s 146 music catalogs likely to meet performance hurdles as defined in their acquisition agreements.<\/p>\n
At the same time, Hipgnosis said the catalogue bonus provision was expected to increase by about $23 million to $68 million as of Sept. 30.<\/p>\n","protected":false},"excerpt":{"rendered":"
LONDON (CelebrityAccess) — Hipgnosis Songs Fund Ltd, owners of music catalogs by artists such as Red Hot Chili Peppers, Kenny Chesney, and Justin Bieber, announced that after a review of its financial position, it would not declare new dividends until the start of the fiscal year 2024 in April in a bid to conserve cash.<\/p>\n","protected":false},"author":37,"featured_media":70777,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_stc_notifier_status":"sent","_stc_notifier_sent_time":"2023-11-06 14:32:48","_stc_notifier_request":false,"_stc_notifier_prevent":false,"_stc_subscriber_keywords":"","_stc_subscriber_search_areas":"","footnotes":""},"categories":[51,22,13934],"tags":[6788],"class_list":["post-142519","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-breaking-news","category-industry_news","category-music-publishing","tag-hipgnosis"],"acf":[],"yoast_head":"\n
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