{"id":214317,"date":"2024-10-18T14:24:36","date_gmt":"2024-10-18T13:24:36","guid":{"rendered":"https:\/\/www.musicbusinessworldwide.com\/?p=214317"},"modified":"2024-10-18T20:04:21","modified_gmt":"2024-10-18T19:04:21","slug":"who-sold-concord-that-217m-catalog-daddy-yankee","status":"publish","type":"post","link":"https:\/\/www.musicbusinessworldwide.com\/who-sold-concord-that-217m-catalog-daddy-yankee\/","title":{"rendered":"Whose rights were sold to Concord in that $217m catalog deal? Daddy Yankee."},"content":{"rendered":"

Earlier this week, Music Business Worldwide<\/em> broke the news<\/a> that Concord had splashed USD $217.3 million on a mystery catalog from a Latin Music artist and songwriter.<\/p>\n

It’s no longer a mystery. The artist in question is Daddy Yankee<\/strong>, the Puerto Rican superstar whose La \u00daltima Vuelta World Tour<\/em> <\/a>generated an estimated USD $198 million<\/strong> in 2022.<\/p>\n

Concord<\/strong> has acquired parts of the music publishing and recorded music catalog of the reggaet\u00f3n star, including rights to his own hits including Rompe, Gasolina,<\/em> and Con Calma, <\/em>plus his featured artist role on Despacito.<\/em><\/p>\n

In addition, the acquisition covers some name, image, and likeness (NIL) rights.<\/p>\n

<\/div>
<\/div>
<\/div> <\/div> <\/span><\/p>\n

As MBW told you earlier this week, a recent report published by Kroll Bond Rating Agency\u00a0<\/a>revealed that Concord had acquired a catalog from \u201ca highly successful Latin Music artist and songwriter\u201d for USD $217.3 million<\/strong>.<\/p>\n

That Kroll report was linked to an Asset Backed Securities (ABS) transaction which saw Concord raise $850 million<\/strong> in new debt financing secured against its catalog of rights.<\/p>\n

Interestingly, that ABS valued Concord’s rights portfolio at USD $5.1 billion<\/strong> \u2013 a significant rise on the $4.2 billion<\/strong> valuation that Kroll slapped on Concord’s assets in December 2023.<\/p>\n

<\/div> <\/div> <\/span><\/p>\n

Part of that rise can be explained by acquisitions made by Concord,<\/strong> led by CEO Bob Valentine, over the past year.<\/p>\n

The new Kroll valuation of Concord’s portfolio takes into account Concord\u2019s acquisition of the\u00a0Round Hill Music<\/a>\u00a0Royalty Fund Limited<\/strong>\u00a0assets in 2023 and\u00a0Mojo Music and Media<\/strong> (also in 2023) \u2013 two deals which Kroll\u2019s report suggests were valued at a combined $606.3 million.<\/strong><\/p>\n

Kroll’s new valuation also takes into account the acquisition of the Daddy Yankee<\/strong> catalog.<\/p>\n

<\/div> <\/div> <\/span><\/p>\n

Concord<\/strong> manages more than one million compositions, master recordings, and related assets across writers\/artists including stars such as R.E.M, Creed, Genesis, Phil Collins, Mike + The Mechanics, and Carrie Underwood.<\/p>\n

Last year, Concord<\/strong> bulked up its frontline recorded music credentials with the\u00a0announcement<\/a>\u00a0of a JV label,\u00a0PULSE<\/a>\u00a0Records, with the widely respected\u00a0Pulse Music Group<\/a>\u00a0team.<\/p>\n

Concord became a majority owner<\/a> in Pulse Music Publishing via a $100m+ deal in 2020. PULSE has\u00a0seen success\u00a0<\/a>in the US and globally this year with the Tommy Richman hit\u00a0Million Dollar Baby<\/em>\u00a0(PULSE Records\/ ISO Supremacy).<\/p>\n

Concord<\/strong>, which continues to be majority-owned by its long-term backer, State of Michigan Retirement Systems, entered into a process of exploring a sale itself (engaging\u00a0Goldman Sachs<\/a>\u00a0as its wing-person) a couple of years ago.<\/p>\n

That process led to a\u00a0~$5 billion takeover offer\u00a0<\/a>from an unnamed suitor, but this price-tag wasn\u2019t deemed large enough for the company, which was looking for \u201cextraordinary\u201d offers only.<\/p>\n","protected":false},"excerpt":{"rendered":"

Puerto Rican megastar inks deal which covers recording and publishing assets<\/p>\n","protected":false},"author":3,"featured_media":214318,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[7],"tags":[],"class_list":["post-214317","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.musicbusinessworldwide.com\/wp-json\/wp\/v2\/posts\/214317","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.musicbusinessworldwide.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.musicbusinessworldwide.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.musicbusinessworldwide.com\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.musicbusinessworldwide.com\/wp-json\/wp\/v2\/comments?post=214317"}],"version-history":[{"count":0,"href":"https:\/\/www.musicbusinessworldwide.com\/wp-json\/wp\/v2\/posts\/214317\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.musicbusinessworldwide.com\/wp-json\/wp\/v2\/media\/214318"}],"wp:attachment":[{"href":"https:\/\/www.musicbusinessworldwide.com\/wp-json\/wp\/v2\/media?parent=214317"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.musicbusinessworldwide.com\/wp-json\/wp\/v2\/categories?post=214317"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.musicbusinessworldwide.com\/wp-json\/wp\/v2\/tags?post=214317"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}