Hipgnosis Songs has acquired Big Deal Music Group and brought board its senior staff, with Kenny MacPherson becoming CEO of Hipgnosis Songs Group and reporting directly to founder and CEO Merck Mercuriadis. He is joined by Co-Presidents Casey Robison and Jamie Cerreta and Executive Vice President Dave Ayers (New York) as well as Senior Vice President Pete Robinson (Nashville) all of whom have signed new five-year contracts, according to the announcement. Terms of the deal were not disclosed.
Big Deal’s portfolio of copyright interests in hit songs includes Shawn Mendes’ “Stitches” and “Treat You Better,” One Direction’s “Story of My Life,” Panic at the Disco’s “High Hopes,” Niall Horan’s “Slow Hands” and Thomas Rhett’s “Die a Happy Man.” Its writers include Teddy Geiger, Julian Bunetta, John Ryan, Joe London, Kamasi Washington, Sharon Van Etten, Sylvan Esso, Jake Sinclair, Dan Wilson, St Vincent and My Morning Jacket. Its catalog includes more than 4,400 songs.
The move also provides Hipgnosis with a full service US music platform and team of 35 employees that has largely worked together since 2012. Big Deal Music will be rebranded to Hipgnosis Songs Group effective immediately. According to the announcement, the acquisition will be funded from the proceeds of Hipgnosis’ equity fundraise in July 2020 and through the issue of 17,609,304 new Ordinary Shares issued at a price of 120.65p per ordinary share.
Mercuriadis said: “Over the last two years it has been my privilege to assemble and work with a world class team of individuals of the highest calibre. With this acquisition, and following the appointment of Ted Cockle and Amy Thomson earlier this week, the scale and quality of people working with me to drive shareholder returns reaches new heights and sets our company on the path for the next chapter of its growth. This is a best in class team and we now have the resource to be on top of every song’s destiny all day every day and I’m delighted to welcome Kenny, Casey, Jamie, Dave, Pete and the other 30 plus new team members into the Hipgnosis Family.”
Big Deal Music Group was represented in the transaction by Shot Tower Capital led by David Dunn and Rob Law; Wallace E. Christner and Rebecca J. Newman at Venable LLP and Elliot Groffman and Paul Gutman at Carroll Guido Groffman Cohen Bar & Karalian, LLP.