The arms race in catalogue acquisition continues. Round Hill has announced that its Round Hill Music Royalty Fund has raised another $282m from a share issue.
The money won’t be burning a hole in its wallet for long, we sense.
“The Company has an identified portfolio of exceptional songs and catalogues including classic tracks from some of the world’s best-known artists that are already extremely familiar to the Investment Manager. We will actively progress and update on our intention to purchase the identified portfolio for the Company as soon as practical,” said chair Trevor Bowen in a statement this morning.
This follows the announcement in October that Round Hill was planning to raise $375m from an IPO on the London Stock Exchange, having identified more than 40 catalogues containing more than 120k songs that it planned to buy within 3-6 months of the IPO.