Merck Mercuriadis, founder and Chief Govt Officer of Hipgnosis Music Administration (HSM) is to be appointed Chairman of the corporate. Ben Katovsky, at present HSM’s President and Chief Working Officer, will succeed Mercuriadis as HSM’s CEO.
Confirming the information immediately (February 2), HSM mentioned that Mercuriadis will proceed to “lead engagement with songwriters, artists and the music business, generate alternatives to extend consumption and improve the worth of HSM’s shopper’s portfolios, lead acquisitions and advocate on behalf of songwriters, artists and HSM”.
Katovsky will assume duty for government administration of the enterprise. HSM says he’ll “implement [our] technique to construct on the corporate’s place because the premier platform for buying and managing Music belongings”.
Hipgnosis Music Administration (HSM) is the funding advisor for each the UK-listed Hipgnosis Songs Fund (HSF aka SONG) and the Blackstone-funded Hipgnosis Songs Capital (HSC). HSM, which has roughly $3 billion of music belongings underneath administration, additionally counts Blackstone as a majority investor.
HSF is at present present process a strategic evaluate led by Shot Tower Capital.
Ben Katovsky joined Hipgnosis in 2022 from his prior place as Chief Working Officer at BMG, the place he spent seven years. Katovsky started his profession at music rights and royalties software program platform Counterpoint Methods.
Merck Mercuriadis, Chairman, Hipgnosis Music Administration mentioned: “One in all our most vital objectives has been to carry an institutional rigor to Hipgnosis Music Administration. During the last 16 months, Ben has completed an incredible job constructing the group and HSM’s capabilities to ship the absolute best service to our purchasers and I’m sure this appointment makes us stronger.
“Having invested virtually $3 billion on behalf of our purchasers in terribly profitable songs we’re at an vital juncture in our improvement the place the providers we offer to our purchasers are of paramount significance. Our dedication stays stronger than ever.
“We stay up for persevering with our work with songwriters and the artistic group to create the best attainable alternatives from the enduring and culturally vital Songs which we handle on behalf of HSM’s purchasers.”
Ben Katovsky, Chief Govt Officer, Hipgnosis Music Administration mentioned: “I’m proud to be requested to steer HSM by way of its subsequent chapter, constructing on all Merck has achieved. In my time within the music business I haven’t come throughout anybody who can match his rapport and relationships with songwriters and artists.
“HSM has two purchasers, which we’re proud to service, and shareholders who’re clear of their imaginative and prescient, ambition and on-going dedication to develop music as an asset class by way of HSM. I’m assured that HSM is already one of the best platform for each capital deployment and Music Administration to create worth from the Songs that we handle. I’m excited to have this chance to take it to the following degree in its evolution.
“I stay up for persevering with to work intently with Merck, our senior management group, my colleagues, our Songwriters, our purchasers and shareholders. I significantly hope we can work constructively with the Board of Hipgnosis Songs Fund Ltd, as I imagine that HSM is finest in a position to ship worth for his or her shareholders whether or not they resolve the Firm has a future as a long-term operation or want to pursue the sale of belongings following their strategic evaluate.”
Qasim Abbas, Senior Managing Director, Blackstone Tactical Alternatives mentioned: “Merck’s dedication to representing songwriters drives every little thing that he does – he is a good enterprise associate and I stay up for working with him in his function as Chairman.
“Ben is a powerful chief with vital operational experience and sector expertise. He has the assist of a powerful senior administration group behind him, collectively centered on delivering the very best commonplace of service to HSM’s purchasers.
“Our partnership with HSM is testomony to our conviction within the long-term worth we see in Songs as an asset class, and we’re excited concerning the future.”
Following the deliberate transition, Mercuriadis and Katovsky will proceed to be administrators and members of the Board of HSM. As Chairman, says the corporate, Mercuriadis will “proceed to dedicate nearly all of his time to HSM.
HSM added: “As a matter of prudence, now we have requested the Board of Hipgnosis Songs Fund Ltd to approve the deliberate transition of Merck’s function.”
In a memo issued to HSM staff earlier immediately (February 2), obtained by MBW, Merck Mercuriadis mentioned: “We’re 6 years outdated now and now we have achieved lots in that interval establishing songs as an asset class and turning into the premiere firm for buying and managing songs.
“We’ve got $3 billion in belongings underneath administration which can be amongst essentially the most profitable and culturally vital of all time
“We’ve got a terrific and supportive associate in Blackstone and we’re hopeful that we’ll resolve our points with SONG in a optimistic method.
“We’ve had a lot of good individuals assist us alongside this journey, who’ve made vital contributions, however nobody has made an even bigger influence on this firm than Ben Katovsky.
“Within the 16 months he’s been right here he’s been extra like a associate to me than an worker.
“His contributions have been immense and I’m proud to announce that topic to approval by the Music board that he can be our new Chief Govt Officer and I’ll develop into our Chairman.
“It will permit us to go ahead firing on all cylinders with Ben operating the chief features of the corporate and me centered on our songwriters and songs and getting extra out of them in addition to main our acquisitions and advocacy. I’m sure this makes us stronger and mixed with what I imagine is one of the best group of individuals now we have ever had I’m excited for our future.
“As I discussed we’re hopeful we are able to attain a optimistic decision with [HSF] however no matter might occur it’s vital to do not forget that we’re a two shopper firm and as you will notice from the hooked up launch that was printed this morning and descriptions all the above our companions at Bx are additionally excited concerning the future.
It stays just for me to thanks all in your continued efforts and ask you to please be a part of me in congratulating Ben. We each stay up for persevering with our work with you to make HSM one of the best that it may be for our songwriters and our purchasers!Music Enterprise Worldwide