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(Sharecast News) - Award-winning songwriter Carole Bayer Sager has become the latest musical artist to sell their song catalogue after a deal with Hipgnosis Songs Fund for an undisclosed sum.
Bayer Sager's catalogue of 983 songs spans 55 years, starting with 'A Groovy Kind Of Love', written when she was still at high school. She has won Grammy, Oscar and Golden Globe awards and charted 49 Number 1 hits and 109 Top 10s.
Best known for her work as a songwriter and producer, Bayer Sager has collaborated with Carly Simon, Barbra Streisand, Michael Jackson, Frank Sinatra, Bob Dylan, Whitney Houston, Ray Charles, Dolly Parton, Aretha Franklin, Neil Diamond, Bette Midler, Celine Dion, Phil Collins, Rod Stewart and Reba McEntire, said Hipgnosis founder Merck Mercuriadis on Thursday.
The catalogue earned revenues of $0.65m in 2020, $0.548m in 2019 and $0.52m in 2018.
"In speaking with Merck, I was surprised to find how intimately acquainted he was with my catalogue of songs. Hearing his plans to keep these songs alive and bring them to a new generation of listeners, excited me and convinced me now was the right time to allow a new custodian to take charge of their future," Bayer Sager said.
"With Merck and his Hipgnosis family I feel my songs are going to be nurtured and cared for."
7 Feb 2024 14:09
IN BRIEF: Hipgnosis Songs votes in favour of fee to potential bidders
Hipgnosis Songs Fund Ltd - London-based investor in music rights - Says 99.9% of shareholders vote in favour of a special resolution at its extraordinary general meeting. This was to enshrine payment of a fee, at the board's discretion, of up to GBP20 million to any prospective bidders who approach the board seeking to make an acquisition of Hipgnosis assets on terms recommendable to shareholders. The fee is intended to protect bidders against due diligence and acquisition costs so that they are "not deterred from seeking to engage with company" over a possible offer. Chair Robert Naylor says: "The board remains focused on the strategic review, under which it is looking at all options to deliver shareholder value. The board will update shareholders as to the outcome of due diligence in due course."
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