Concord Agrees to Buy Hipgnosis Songs Fund in $1.4 Billion Music Rights Deal

Nashville-based independent music company Concord has agreed to buy British song investor Hipgnosis Songs Fund for $1.40 billion, the companies said on Thursday, gaining rights to the catalogues of artists including Shakira and Neil Young.

Hipgnosis Songs Fund launched a strategic review last year after a shareholder revolt in October led to a board overhaul.

Its investors will get $1.16 per share in cash, representing a premium of about 32% to Wednesday’s closing price, based on current exchange rates.

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