Nelly Furtado, the Grammy award-winning singer, is to become the latest international music star to reap rich rewards from her catalogue by striking a deal with a venture backed by Blackstone, the private equity giant.
Sky News has learnt that Furtado, a Canadian whose hits include I'm Like a Bird, is on the brink of signing an agreement to sell her collection of songs to Hipgnosis Song Management . The value of the deal was unclear on Thursday, but analysts speculated that it could be worth in the region of $50m. It will be the second acquisition struck by HSM since Blackstone announced in November that it was going into partnership with Merck Mercuriadis, founder of the London-listed Hipgnosis Songs Fund.HSM's agreement with Furtado will be the latest in a blizzard of music rights acquisitions, with financial investors increasingly attracted to the stable long-term returns provided by music royalties.
The explosion in demand for streaming services has strengthened interest in listening to older hit songs.
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