Hipgnosis Song Management has announced the acquisition of a career-spanning catalog created by legendary Canadian artist and composer Leonard Cohen.
The acquisition marks a landmark deal for the private Blackstone-backed company Hipgnosis Songs Capital ICAV Fund, a separate entity from those listed in the UK Hipgnosis Songs Fund.
Both funds (Hipgnosis Songs Capital and Hipgnosis Songs Fund) have their investments managed by Hipgnosis Song Management, of which Blackstone is a part also investors.
Hipgnosis has acquired an interest in all 278 songs and derivatives written by Leonard Cohen.
Of these 278 compositions, 127 songs are from Leonard Cohen’s Stranger Music catalogue, for which Hipgnosis has acquired the author’s share of the royalties.
(The Stranger Music catalog covers the period from the beginning of Cohen’s career through 2000 and includes all derivative works, for a total of 211 songs. The publisher’s interest in these works is owned by Sony music publisher.)
This catalog includes Hallelujahwhich has been covered more than 300 times, sold nearly 10 million copies and streamed more than 5 billion times across all services.
Hipgnosis has also acquired 100% of the copyright, including the publisher’s share and Author’s Share – the royalty on the Old Ideas catalog consisting of 67 songs and derivative works written by Leonard Cohen from 2001 until his death at the age of 82 in 2016.
The Cohen Estate was represented in the transaction by Leonard Cohen’s longtime manager, Robert Kory, as well as KR Capital Partners and Jonathan Friedman of Stubbs, Alderton and Markiles LLP.
Merck MercuriadisFounder and CEO of Hipgnosis Song Management, said: “Now being the custodians and managers of Leonard Cohen’s incomparable songs is a wonderful but very serious responsibility that we embrace with enthusiasm and fully understand its importance.
“Leonard wrote words and songs that changed our lives, none as obvious as Hallelujah, but there are so many more that we look forward to reminding the world every day. Revered around the world for the magnitude of his work, we are delighted that the Cohen family and Robert Kory have chosen Hipgnosis to help them make this all-important decision about who to entrust Leonard’s legacy to.
“We welcome them to the Hipgnosis family and look forward to working together to honor the songs of the great Leonard Cohen.”
“Now being the custodians and managers of Leonard Cohen’s incomparable songs is a wonderful but very serious responsibility.”
Merck Mercuriadis, Hipgnosis
Robert Kory said, “With its background as an artist manager, Merck Mercuriadis is unique in the music publishing world. We know he cares about artists, and as a Quebecois he has a particularly deep appreciation for Leonard’s unique status in popular music. The catalog is in good hands. It was a pleasure working with the Hipgnosis team throughout the transaction.”
The Leonard Cohen catalog purchase is the second publicly announced acquisition for the Hipgnosis Songs Capital fund, which a A billion dollars worth of support made of black stone.
Hipgnosis in January announced that they had bought it an 80% interest in country music star Kenny Chesney’s recorded music royalty stream.
Apart from Hallelujah and SuzanneLeonard Cohen is known for other hits including So long Marianne, bird on a wire, Famous blue raincoat, I’m your man, democracy, Dance me to the end of love, Everyone knows, First we take Manhattan, Return home and last, you want it darker.
Among Cohen’s three Grammy Awards, the artist won a Grammy Lifetime Achievement Award in 2010 and was honored with a posthumous Grammy for Best Rock Performance for the track in 2017 you want it darker
Among many other awards, Cohen is also a five-timer Juno Award Winner.music business worldwide
https://www.musicbusinessworldwide.com/hipgnosis-buys-leonard-cohen-catalog-using-blackstone-backed-fund/ Hipgnosis buys Leonard Cohen’s catalog through a Blackstone-backed fund