Influential Canadian music manager Merck Mercuriadis resigns as chairman of Hipgnosis Song Management

Hipgnosis Song Management has announced that Merck Mercuriadis will step down as chairman of the music investment adviser. The move comes amid a busy year for the company, with the Hipgnosis Songs Fund set to be acquired by private equity firm Blackstone.

The Canadian Hipgnosis founder, who was on the Billboard Canada Power Players list this year, resigned as CEO back in February to become chairman. His resignation will take effect upon completion of the planned acquisition on July 8, if shareholders of the publicly traded catalog site Hipgnosis Songs Fund vote in favor of the sale, reports BillboardPro.

“With Hipgnosis Songs Fund and Hipgnosis Songs Assets, we have created an outstanding catalog of rights for an unparalleled collection of iconic and culturally significant songs by phenomenal songwriters that I knew I would be proud to stand alongside,” Mercuriadis said in a prepared statement.

“HSM was built on an ethos that has always put the songwriting community first, and I remain steadfast 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.”

Hipgnosis was part of a bidding war between Blackstone and Concord that capped a chaotic year of infighting and numerous scandals, while revealing the value of the company’s assets, reportedly worth $3 billion, including $400 million to acquire song catalogs from Justin Bieber, Shakira, Dua Lipa songwriter Tobias Jesso Jr. and others – more than 50 No. 1 songs in total.

Under Mercuriadis, Hipgnosis has been at the forefront of developing song catalogues into an attractive asset class that has become a sought-after investment in both the music industry and the wider business world.

In his statement, the music manager said it was the “right time” and a “good opportunity for me to undertake a strategic realignment.”

Read more at Billboard Pro.