Merck Mercuriadis resigns as Chairman of Hipgnosis Song Management

Hipgnosis Song Management announced today that its founder and chairman Merck Mercuriadis has announced his intention to step down from his position as chairman.

According to today’s announcement (2 July), his departure from the company will be effective upon completion of the proposed acquisition of Hipgnosis Songs Fund Limited by Lyra Bidco Limited, a company owned by funds managed by Blackstone.

Merck Mercuriadis, Founder and Chairman of Hipgnosis Song Management, said: “Six years after founding HSM, I have decided that now is the right time for me to step down from my role as Chairman. This is a good opportunity for me to make a strategic shift in focus and spend more time advocating for the interests of songwriters to ensure they are fairly compensated for their work.

“With Hipgnosis Songs Fund and Hipgnosis Songs Assets, we have created an outstanding catalogue of rights for an unparalleled collection of iconic and culturally significant songs by phenomenal songwriters that I knew I would be proud to stand side by side. HSM was built on an ethos that has always put the songwriting community first and I stand unwavering in my commitment to all of our songwriters. I have always envisioned bringing together and organizing songwriters worldwide to ensure they have a voice in discussions about their compensation and represent the consensus opinion of their community. With the next CRB in four years and ongoing legislation being discussed around the world, now is the time to act.

“As Hipgnosis Songs Fund enters the next phase of its development, now is the right time to hand over the reins to a trusted and extremely capable team. I look forward to the future of the company and its continued success with the support of Blackstone.”

Qasim Abbas, Senior Managing Director of Blackstone Tactical Opportunities, added: “On behalf of Blackstone, I would like to thank Merck for his support and contribution to HSM. Merck’s commitment to and dedication to songwriters is unmatched and we respect the platform he founded and will look to build on it.

“We are committed to this asset class and (through Hipgnosis Songs Assets) have acquired the catalogs of some of the world’s most significant songwriters and artists in the three years of our partnership with Merck and HSM.

“Thanks to the strong leadership, the company is now well positioned to benefit from the growing market for music rights.”

Ben Katovsky, Chief Executive Officer of Hipgnosis Song Management, said: “Merck’s vision and passion in founding Hipgnosis, assembling an extraordinary portfolio of legendary songs and campaigning for fair pay for songwriters have been pivotal to Hipgnosis’s journey to date.

“I am grateful for his support and the trust he has placed in me and the HSM team to build on his passion. We remain committed to bringing the iconic songs entrusted to us to new audiences and ensuring they enjoy the continued success and attention they so richly deserve.”Music business worldwide