Last checked at 
30 Jan 2019 07:00
30 January 2019
Hipgnosis Songs Fund Limited ("Hipgnosis" or the "Company")
Acquisition of Music Catalogue
The Board of Hipgnosis Songs Fund Limited and its Investment Adviser, The Family (Music) Limited, are pleased to announce that the Company has acquired a music catalogue from Itaal Shur, best known for co-writing the multi platinum song 'Smooth' which according to Billboard magazine is the second most successful song of all time.
'Smooth' is the only song to have ever appeared on two Billboard decade ending charts in both 2000 and 2010 and it was The Grammy "Song Of The Year" for 1999.
'Smooth' became a chart-topping hit in 1999, spending 12 consecutive weeks at number 1 on the Billboard Hot 100. The song then stayed in the top ten of the Billboard Hot 100 for a total of 30 weeks and, in 2018, Billboard ranked it as the second most successful song of all time. In a post streaming world 'Smooth' has proven itself to be evergreen approaching half a billion streams as it approaches its 20th anniversary.
The Company has acquired a 100% interest in the catalogue including the BMI (Broadcast Music Inc.) share. The catalogue comprises 209 songs in total, which also includes the US Top 10 song 'Ascension' by Maxwell.
Itaal Shur was advised by Cliff Smallman at the The Riverside Management Group and Jonathan Ain at Kleinberg, Kaplan, Wolff & Cohen, P.C.
Merck Mercuriadis, Founder of The Family (Music) Limited and Hipgnosis Songs Fund Limited, said:
"It's always a good day when you are buying arguably the second most successful song of all time, particularly a song as enduring and iconic as Smooth. As Santana prepare to go out on the "Supernatural Now" 20th Anniversary Tour this is the perfect time to get involved. I'd like to thank Itaal for entrusting us with a work as special as this."
Itaal Shur, said:
"When I was considering selling my life's work, who bought it and what they could do with it was as important to me as anything else. From the first time that I spoke to Merck, I knew that Hipgnosis was fresh and different and that I had found the right home for my catalogue."
For further information, please contact:
The Family (Music) Limited Merck Mercuriadis
| Tel: +44 (0)1481 742742 |
N+1 Singer James Maxwell / James Moat (Corporate Finance) Alan Geeves / James Waterlow / Sam Greatrex (Sales)
| Tel: +44 (0)20 7496 3000 |
The Outside Organisation Alan Edwards / Nick Caley | Tel: +44 (0)7711 081 843 |
NOTES TO EDITORS
About Hipgnosis Songs Fund Limited
(www.hipgnosissongs.com)
Hipgnosis, which was founded by Merck Mercuriadis, is a Guernsey registered investment company established to offer investors a pure-play exposure to songs and associated musical intellectual property rights. In its Initial Public Offering on the Specialist Fund Segment of the London Stock Exchange's main market on 11 July 2018, the Company raised approximately £200m gross equity capital.
About The Family (Music) Limited
The Company's Investment Adviser is The Family (Music) Limited, which was founded by Merck Mercuriadis, former manager of globally successful recording artists, such as Elton John, Guns N' Roses, Morrissey, Iron Maiden and Beyoncé, and hit songwriters such as Diane Warren, Justin Tranter and The-Dream, and former CEO of The Sanctuary Group plc. The Investment Adviser has assembled an Advisory Board of highly successful music industry experts which include award winning members of the artist, songwriter, publishing, legal, financial, recorded music and music management communities, all with in-depth knowledge of music publishing. Members of The Family (Music) Limited Advisory Board include Nile Rodgers, The-Dream, Giorgio Tuinfort, Bill Leibowitz, Ian Montone, and Jason Flom.