Hipgnosis Song Management announced on Tuesday that Merck Mercuriadis will step down as chairman of the music investment adviser. In making his announcement, which takes effect with the closing of the proposed acquisition of Hipgnosis Songs Fund by private equity giant Blackstone, the HSM founder called it “the right time” and a “timely opportunity for me to undertake a strategic shift in focus ».
“With the Hipgnosis Songs Fund and Hipgnosis Songs Assets, we've created an extraordinary rights catalog for an unrivaled collection of iconic and culturally significant songs from amazing songwriters who I knew would be proud to stand alongside each other,” Mercouriadis said in a prepared statement . . “HSM has been built on an ethos that has always put the songwriting community first, and I am steadfast in the commitment I have made to all of our songwriters. I've always envisioned bringing songwriters together and organized to ensure they have a voice at the table, representing the consensus views of their community, in discussions about their compensation.”
Added Ben Katowsky, CEO of Hipgnosis Song Management: “Merck's vision and passion for building Hipgnosis, assembling an extraordinary portfolio of iconic songs and campaigning for fair remuneration for songwriters has been instrumental in Hipgnosis' journey to date. I am grateful for his support and the trust placed in me and the HSM team to build on his passion. We remain committed to bringing the iconic songs in our care to new audiences and ensuring they enjoy the continued success and attention they so richly deserve.”
This is a developing story.
from our partners at https://www.billboard.com/pro/merck-mercuriadis-stepping-down-hipgnosis-song-management-chairman/