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Creative Industries

Concord raises $1.8 billion with the issuance of senior notes secured by catalogue assets

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Independent music company Concord has priced $1.8 billion of senior notes using "a significant portion" of its catalogue of sound recordings and songs as collateral.

The operation was carried by asset management company Apollo, through its Capital Solutions business. Apollo structured the ABS transaction and formed an investor syndicate led by Apollo-managed funds.

In addition, JP Morgan served as a co-structuring agent of the transaction. The companies said it was "the largest asset...

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Emmanuel is a Washington, DC-based freelance journalist, blogger and media consultant, specialising in the entertainment business and cultural trends. He was the US editor for British music industry trade publication Music Week. Previously, he was the editor of Impact, a magazine for the music publishing community (2007-2009), the global editor of US trade publication Billboard (2003-2006), and the editor in chief of Billboard’s sister publication Music & Media (1997-2003).

Creative Industries

Calendar — Week 21, 2024

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MAY 2024

- May 28

Board of Directors of the International Confederation of Societies of Authors and Composers (CISAC) in Seoul, South Korea.

- May 30

General Assembly of the International Confederation of Societies of Authors and Composers (CISAC) in Seoul, South Korea.

JUNE 2024

– June 2-8

Canadian Music Week conference (June 3-5) and festival (June 2-8) at the The Westin Harbour Castle in Toronto, Ontario.

– June 10-13

Indie Week in New York, organis...

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Copyright & Regulation

EU adopts the Artificial Intelligence Act

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The Council of Europe has approved the AI Act, a legislation aimed at harmonising rules on artificial intelligence in the Union. All 27 EU members have approved on May 21 the compromised text presented by the Belgian Presidency. A minimum of 15 countries representing 65% of the EU's population was necessary to get the text through.

The legislation — which sets a precedent in the world — relies on a "risk-based" approach. The Council said the Act "can set a global standard for AI regulation."...

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Collective Management Organisations

Licensing hub ICE reaches €1 billion in distributions over a period of 12 months

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ICE — the digital licensing platform co-owned by the UK's PRS for Music, Germany's GEMA and Sweden's STIM — has disclosed that for the first time it has distributed more than €1 billion to rights holders in a consecutive 12-month period (May 2023-April 2024 inclusive). ICE has now delivered a cumulative amount of €4.5bn to its members and clients since its first royalty distributions in 2016.

"It took just under 3½ years to reach the first €1bn in distributions, just over two more years to...

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