Standard Digital Edition

CASH CALL HIPGNOSIS SEEKS £150M MORE

Simon Freeman

SONGS fund Hipgnosis is tapping investors for another £150 million as it hoovers up more artists in pursuit of the world’s most valuable record collection.

The music investor is issuing around 124 million shares at 121p: the price is a 2.4% discount on yesterday’s close and sent shares down 1.2% to 122.47p this morning.

The company, whose $2.2 billion portfolio includes songs by artists from Neil Young to Beyoncé, above — whose Countdown is being used in Peloton’s latest promo campaign — receives royalty payments when songs are used in films, TV shows, video games and adverts, and is cashing in on the streaming boom.

Founder Merck Mercuriadis said the raise gives investors access to “a pipeline comprising some of the most important songs of all time.”

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2021-06-16T07:00:00.0000000Z

2021-06-16T07:00:00.0000000Z

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