in February) and investment firm Blackstone, the right to buy HSF’s portfolio should their contract ever be terminated.” to circumvent the call option, which offered third-party bidders up to a £20 million buyer’s fee. It’s not yet known how much Concord received of this buyer’s fee, and it’s still possible HSM might use the call option. We’ll find out soon enough if Blackstone is willing to pay to keep HSF or if the bung offer worked as designed.
In the meantime, HSF’s share price on the London Stock Exchange is the highest it’s been in months, reaching 93 pence as of Thursday morning. This bump is the first piece of good news in the wake of Shot Tower CapitalTo recap, Hipgnosis Songs Fund, started by Merck Mercuriadis and Nile Rogers in 2018, wasted no time raising a staggering amount of money and spending almost as much on music catalog acquisitions.
With Shot Tower’s sobering strategic review, we now know HSF is indeed worth less than what investors thought — $670 million less, to be exact. This report came after months of infighting between HSF backers and HSM leadership, which has now culminated in in the former attempting to break up with the latter.
In the report, Shot Tower placed most of the blame for HSF’s troubles on HSM, claiming they “failed to invest in systems and provide the services required to effectively manage a catalog of 40,000+ songs generating +120 million of royalty income annually.”
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