Manatt’s Jeff Biederman, co-chair of the firm’s music group, and Michael Rexford, counsel in the firm’s entertainment and media practice, led deal negotiations for music publishing and artists services company Kobalt Music Group in its purchase of Songs Music Publishing. The deal was covered by Variety and is valued at $150 million.
The publication notes that rumors of a Songs sale had been percolating for months after the publishing house received an unsolicited offer earlier this year. Through this deal, the Songs catalog—which includes songs by The Weeknd, Diplo, Lorde and others—will be administered and serviced by Kobalt, which is home to high-profile artists including Paul McCartney, Kelly Clarkson, Dave Grohl, Dr. Luke, The Chainsmokers and the Miles Davis Estate.
Songs is notable for focusing on young contemporary songwriters rather than acquiring older catalogs. The deal is considered a sign of an improving content and music rights business as streaming has lifted the valuations of music publishing catalogs.
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