With Bombardier stalled on the tarmac, railways and Toronto’s trolley lines, the tar sands in the crapper, Conrad Black wallowing in red blink--and the country held together by a bandit of banks, the government of Canada is looking for an out from within and IP opportunities like ole music publishing must appear like a god-send sent from proverbial wherever.
Buy into the Kevin O’Leary doctrine that you can lay some of the people off some of time, and lay the whole fucking lot off all of the time (once you’ve earned your tax loophole and export labour to some place where exploitation is the norm), and you have a recipe for an asymmetrical Postmedia nanny state.
Oh, but let’s grab the facts and then editorialize.
Canadian-based music publishing and rights management company ole has announced that it has secured a US$500-million-dollar credit facility from a consortium of banks that it will use to fund future acquisitions.
The transaction, originally launched as a US$400 million facility, generated strong demand from both new and existing lenders, and as a result was increased to $500 million, making it the largest credit facility in independent music publishing industry in recent years, the company said.
Banks participating in the credit facility include 12 financial institutions, led by LA-based City National Bank.
The acquisitions, the company said, will help to pad ole's current offerings. The company currently controls over 50,000 songs and 60,000 hours of TV/Film music across all genres and has completed more than $520 million in acquisitions over its 12-year history.
Amongst its assets, ole owns the Sony Pictures Entertainment catalogue, publishing and master rights to the rock band Rush and Pop/Urban Producer/Songwriter, Timbaland. As well, ole has ongoing ventures with Timbaland’s Bluestone.
The number of copyrights now owned or managed by the world’s Top 5 music publishers is very close to 11 million.
Sony/ATV either directly owns or controls via administration deals—has topped 4m;
UMPG controls 3.2M copyrights;
Warner/Chappell has 1.2M copyrights under management globally;
And Kobalt now administers over 600K copyrights, whose ownership typically remains with writers.