Los Angeles-based investment firm Shamrock Capital has, via its Entertainment IP Fund, acquired the music publishing catalog of Tor Hermansen and Mikkel Eriksen, known as the songwriting and production duo, Stargate.
The Shamrock Entertainment IP Fund was formed to acquire existing entertainment intellectual property rights across music, film and television.
Terms of the transaction were not disclosed.
The deal includes hits such as Firework by Katy Perry; Diamonds, Rude Boy, and What’s My Name by Rihanna; Irreplaceable by Beyonce, as well as a ‘vast catalog’ of pop hits from the last 20 years.
As a result of the buyout, the investment firm now owns 10 No.1 songs from the Billboard Hot 100, three Grammy Song and Record of the Year nominations and more than 50 UK top 10 hits.
Grammy and ASCAP award-winning Stargate – LA-based Norwegians, Hermansen and Eriksen – have enjoyed a 10-year working relationship with Rihanna (pictured).
“Tor and Mikkel are prolific songwriters and producers who have created an extraordinary body of work that will remain relevant for generations to come. It’s a privilege for us to have had the opportunity to work with them and acquire this truly unique catalogue of music,” said Patrick Russo, Partner at Shamrock Capital.
“This diverse catalogue complements our existing music publishing and recorded music rights and advances our long-term strategy of building and holding a portfolio of evergreen properties.”
Tor Hermansen of Stargate said: “This is a great time for music. When you’re starting out in your bedroom making music, you have no idea that 20 years later this can have true value. We’re excited and proud that Shamrock recognizes this value and believes in our music.”
Mikkel Eriksen added, “Jason and Patrick at Shamrock know their numbers, but they’re also music-lovers. We feel confident that our life’s work is safe in their hands for years to come.”
Shamrock’s Entertainment IP Fund acquires existing entertainment intellectual property rights across filmed entertainment, television programming, music publishing rights, recorded music masters, video games and other forms of entertainment content.
Shamrock Capital is a Los Angeles-based investment firm with approximately $1.9 billion of assets under management, investing exclusively in the media, entertainment and communications sectors.
Its current investments include INgrooves Music Group, Omega Wireless, Screenvision Media, Silvergate Media and Wpromote.Music Business Worldwide