Reservoir
Run the Jewels’ Killer Mike Strikes Publishing Deal with Reservoir
Rapper and actor Killer Mike has signed a publishing deal with Reservoir Media, including future works and his back catalog. The agreement will include the independent publisher taking a stake in the discography of Run the Jewels, the rap duo comprised of Killer Mike and EL-P, who have released such hit tracks as “Legend Has It,” “Close Your Eyes” and “Blockbuster Night, Pt. 1.” Born and raised in Atlanta, Killer Mike has dropped four landmark albums with Run the Jewels over the course of his career, as well as six solo projects dating back to his 2003 debut record Monster, released via Columbia Records. He’s also renowned for his collaborations with other hip-hop heavyweights including Jay-Z, Outkast, T.I. and Big Boi. As an actor, Killer Mike has had roles in films such as Baby...
Reservoir Leading Music Publishing Funds Onto the US Stock Market
Ross CH Acquisition II is bringing $115 million to Reservoir’s public offering as part of the deal. Some institutional investors including Caledonia have been lined up as anchor shareholders, which will bring in $150 million in gross proceeds. In the end, after investment banking, legal fees and other expenses, Reservoir will be left with $246 million in gross proceeds from the transaction. The company’s current shareholders, including the Khosrowshahi family, will roll over all their Reservoir equity into the new company, giving it an enterprise value of $788 million. That means that the Reservoir shareholders will likely have a lock-up period — maybe 180 days — before they can cash in any of their shares. In the meantime, the company has an implied pro-forma equity value of $...
Ethiopia, Egypt and Sudan launch new Nile dam talks in DRC
A new round of African Union-mediated talks between Ethiopia, Egypt and Sudan has begun aimed at resolving a years-long dispute over a massive dam built by Addis Ababa on the Blue Nile, a main tributary of the Nile river. The three-day talks that kicked off on Saturday are taking place in Kinshasa, the capital of the Democratic Republic of the Congo, the current chair of the AU. Foreign and irrigation ministers of the three nations were attending the talks over the Grand Ethiopian Renaissance Dam (GERD), along with AU experts, according to Ethiopia’s Irrigation Minister Seleshi Bekele. A Sudanese diplomat was quoted as saying by The Associated Press news agency that the experts from the three countries and the AU met on Saturday, ahead of ministers who would meet on Sunday and Monday. He s...
U.S. to de-link Ethiopian aid pause from dam policy
The U.S. State Department on Friday said Washington will de-link its pause on some aid to Ethiopia from its policy on the giant Blue Nile hydropower dam that sparked a long-running dispute between Egypt, Ethiopia and Sudan. U.S. State Department spokesman Ned Price told reporters that President Joe Biden’s administration will review U.S. policy on the Grand Ethiopian Renaissance Dam (GERD) and will assess the role the administration can play in facilitating a solution between the countries. A bitter dispute between Egypt, Ethiopia and Sudan over the filling and operation of the dam remains unresolved even after the reservoir behind the dam began filling in July. “We continue to support collaborative and constructive efforts by Ethiopia, Egypt and Sudan to reach an agreement on the GERD,” P...
Ethiopia dam reservoir filling as talks with Egypt, Sudan stall
The reservoir behind the Grand Ethiopian Renaissance Dam is filling, its water minister said on Wednesday, a day after talks with Sudan and Egypt on the giant Blue Nile hydroelectric project stalled. Sudan and Egypt both fear the $4 billion dam could lead to water shortages in their own nations. “The construction of the dam and the filling of the water go hand in hand,” Ethiopian Water Minister Seleshi Bekele said in televised comments, a transcript of which was provided to Reuters by his office. “The filling of the dam doesn’t need to wait until the completion of the dam.” The water level had increased from 525 metres to 560 metres, he said. The comments by Seleshi did not address whether Ethiopia had closed the gates of the dam. The area has also seen recent heavy rainfall. “My understan...