The American investment fund Blackstone has reached an agreement to purchase the British company Hipgnosis Songs Fund, which owns the rights to the works of such famous musicians as Leonard Cohen, Shakira and the Red Hot Chili Peppers.
Transaction amount: 1.26 billion pounds ($1.57 billion).
Shares of the British company rise in price by 2% at auction on April 29, Interfax notes.
Hipgnosis was founded by music producer Merc Mercuriadis in 2018. Its business model is based on buying rights to songs and generating income from streaming and airplay.