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MusicBird secures $100 million term loan facility to fund more music rights acquisitions
By Chris Cooke | Published on Friday 10 February 2023
MusicBird – one of those music rights investment firms everyone loves do much – has announced the signing of a ‘term loan facility’ with the Mitsubishi UFJ Financial Group worth up to $100 million. It will be used to power the company’s “next phase of growth” as it “looks to scale its music rights portfolio in the coming months”.
Launched in 2021 to acquire music rights and revenues, MusicBird has already done deals with the likes of Shaggy and songwriter JR Rotem. The new financing arrangement has been negotiated by MusicBird’s recently appointed CEO Paul Brown and CFO Roger Howl, the latter of whom had a stint at the highest profile of the rights acquiring investment funds, Hipgnosis.
Confirming the arrangement with Mitsubishi UFJ, Brown says: “We are delighted to be working closely with the MUFG team as we grow our business and continue to pursue our strategy of acquiring diverse music rights in collaboration with incredibly talented songwriters, artists and partners across the industry. Our team is passionate about building a collection of iconic songs which have stood the test of time and continue to delight fans”.
Meanwhile, MUFG’s MD of Entertainment Finance, Tony Beaudoin, adds: “MUFG is THRILLED to lead the senior debt facility for MusicBird, which will allow the company to expand its catalogue acquisition initiative of valued music rights. Paul and Roger bring trusted experience in the music space to the company and MUFG is confident in their ability to grow MusicBird’s IP library”.
