In additional excellent news for music’s worth, Spherical Hill raises $86.5m in share subject – far exceeding goal
Round Hill’s listed UK fund raised $ 86.5 million through a new stock placement – well above its minimum target of $ 50 million.
The news is further evidence of the positive investor sentiment around music rights today and follows that the Hipgnosis Songs Fund also exceeded its minimum target for a stock issue earlier this month. (Hipgnosis went for $ 210 million but ended up at $ 215 million due to an oversubscribed round.)
Round Hill’s new stock offering will place 86.5 million C-shares in Round Hill Music Royalty Fund Limited (RHM) at a price of $ 1.00 per share.
The company intends to use the money, along with funding from a credit facility, to “aid in the acquisition” [our] short-term pipeline of copyrights in line with RHM’s investment policy ”.
The listed British company acquired a 29% stake in Carlin Music (RH Carlin Holdings LLC) in May.
Carlin owns 100,000 song rights, including hits made famous by greats like Elvis Presley, Johnny Cash, Aretha Franklin and Meatloaf.
So far, the UK’s Round Hill Fund’s original strategy has been to acquire all assets – including Carlin herself – owned by private Round Hill funds in the United States.
In May, the company’s UK fund announced that it had spent $ 282 million on this and acquired the rights to 18,000 songs.
Carlin was originally acquired by a US Round Hill fund for around $ 245 million in 2018.
Round Hill announced it raised $ 291 million for its third private US fund in the fourth quarter of last year.
In February of this year, the American Round Hill Music announced that it had launched Sound Hill, a new division for neighboring rights for artists and performers.Music business worldwide