WASHINGTON/LOS ANGELES - Taylor Swift's feud with her record label reveals a little-known fact about the entertainment business: the outsized role private equity plays in funding its biggest stars.
Carlyle found itself in the middle of the spat because, along with alternative asset managers including TPG and Blackstone Group, it has extended its reach into show business in recent years. One of the biggest deals last year was Sony's purchase of EMI Music Publishing for US$2 billion. The seller was a consortium led by Abu Dhabi's Mubadala Investment. The deal allowed Sony to get its hands on a catalog of 2.1 million songs from Beyonce, Carole King and other artists.
"We're also a big fan around live entertainment because even though many things are moving online, people still need physical activities, things they want to do," Blackstone President Jon Gray said on an earnings call last month. Endeavor called off a planned initial public offering in September.
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