Finance
Brad Paisley, Lady A Sell Music Rights to HarbourView
In another move reflecting its diversified genre approach to music acquisitions, HarbourView Equity Partners has entered the Nashville scene in a big way with new investments in Brad Paisley and Lady A‘s catalogs. Paisley, who has won three Grammy awards and has generated activity totaling 17.4 million album consumption units in the U.S., has sold his music royalty income stream to his master recording catalog to HarbourView. Beyond his successful music career, Paisley remains in the spotlight most recently thanks to his involvement in Nationwide Insurance advertising campaigns and due to his partnership with Boot Barn for the Moonshine Spirit clothing line. His last studio album was Love and War in 2017, which reached No. 13 on the Billboard 200 chart and peaked at No. 1 on Top Country Al...
FaZe Clan Goes Public After Completing SPAC Merger
FaZe Clan, the esports collective and youth culture brand that’s received investment from an array of heavy hitters in the music business, went public on the Nasdaq exchange Wednesday (July 20). The listing follows the completion of FaZe Clan’s special purpose acquisition company (SPAC) merger with 150 Merger Corp., an affiliate of B. Riley Financial. The combined company has been renamed FaZe Holding and will trade under the ticker symbol FAZE. On its first day, the stock finished down more than 24% to $9.88 after debuting with a share price of $13.07. It’s rebounded slightly to $10.19 in after-hours trading. With a fan network of roughly 500 million across social platforms, according to the company, FaZe Clan has drawn a number of high-profile investors from the music industry, including...
Netflix’s Better-Than-Expected Subscriber Forecast is Good News for Music Streamers
Investors have reason to feel upbeat about subscription businesses after Netflix revealed better-than-expected quarterly results on Tuesday (July 19). Netflix subscribers dropped 970,000 subscribers to 220.7 million in the second quarter — it warned in April that it expected to lose as many as 2 million subscribers — and forecast a 1 million-subscriber gain in the third quarter. Analysts polled by Refinitiv expected Netflix to lose an average of 1.84 million subscribers in the second quarter, according to Reuters. The good news caused Netflix’s share price to quickly rise 8.2% to $218.15 in after-hours trading on Tuesday, up from $201.63 on Monday, when shares gained 5.6%. Still, Netflix shares are down 66.5% year to date through Tuesday. Tuesday’s announcement was also good news for other...
UTA Nabs Private Equity Investment From EQT to Fuel Expansion
A fund operated by the private equity firm EQT Partners has made a strategic investment in talent agency UTA, in a deal the agency says “will help fuel the next phase of investments in talent, innovation and international expansion.” EQT will become the largest outside shareholder in UTA in the acquisition, which will also see the firm acquiring stakes from some of UTA’s existing investors, including Investcorp and PSP Investments. UTA partnership and leadership will remain the controlling shareholders of the agency. Specific terms of the deal, including valuation, were not disclosed. However, everyone at UTA is expected to benefit financially from the investment. UTA has been on something of an acquisition spree in recent months, acquiring the strategic advisory firm MediaLink, the U.K. l...
Could Fintech Ignite South Africa’s “Kasi Economy”?
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$1-Million Up for Grabs in African Startups Competition
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The Top 10 African Countries with the Most Cryptocurrency by Users
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Will Bitcoin’s Woes Only Get Worse?
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Will Bitcoin’s Woes Only Get Worse?
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Cryptocurrency Microinvestments with Upnup – ITNA Digital Innovation Podcast EP 5
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Is Bitcoin the Next Global Reserve Currency?
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One of Music’s Biggest Wholesalers Is Going Public
Alliance Entertainment, the giant music, video and gaming wholesaler, will be going public and trade on the New York Stock exchange, the company announced Thursday (June 23). The public listing will be done through a reverse merger with Adara Acquisition Corp., a special purpose acquisition company (SPAC). The deal is subject to the approval of the shareholders of Adara Acquisition Corp., which trades on NYSE under the symbol ADARA. If the deal closes — as expected in the fall — Alliance Entertainment will trade under the symbol AENT. The deal has assigned Alliance Entertainment a pre-deal valuation of $480 million. Alliance Entertainment serves as a one-stop for all titles to brick-and-mortar and online retailers. In the first nine-months of its fiscal year ended March 31, the compan...
