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According to a press release from Hasbro, its entire music operation, including its music operation in Canada, will be acquired by Blackstone controlled entities. Blackstone has nearly $650 billion in assets under management through a variety of investment vehicles, including SESAC music operations which includes the Harry Fox Agency.
“I’m excited to continue to lead and grow this exceptional business,” Taylor said in a statement. “We want the creative community to know that we are focused on making sure that this only benefits them and the work we do together." eOne Music generated about $120 million in annual revenue in 2019, according to Entertainment One’s financial results. About one-third of that coming from the Audio Limited production music operation, which was acquired in 2019 for about $215 million, meaning that record label operations generated the bulk of the remainder $80 million in revenue.
The eOne Music catalog includes ownership of the famed Death Row Records rap catalog, Dualtone Records, Canadian label Last Gang Records, a small music publishing operation and a digital indie distribution company. Its portfolio also includes the catalogs of other labels acquired by eOne, including DRG's Broadway soundtracks, Sheraton Square's rock recordings, and Compendia and Light Records' Christian/gospel music.
Source: News Formal (newsformal.com)
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