New York, NY (Top40 Charts)
Shamrock Capital, a Los Angeles based investment firm, today announced that its Entertainment IP Fund has acquired the music publishing catalogue from Tor Hermansen and Mikkel Eriksen, known as the songwriting and production duo, Stargate.
Shamrock acquired the catalogue through its Entertainment IP Fund which was formed to acquire existing entertainment intellectual property rights across the broader music, film and television content sectors of the industry. Terms of the transaction were not disclosed.
The deal includes some of the biggest songs by top artists such as "Firework
" by Katy Perry; "Diamonds," "Rude Boy," and "What ìs My Name" by Rihanna; "Irreplaceable
" by Beyoncé, as well as a vast catalogue of contemporary pop hits from the last 20 years. In one fell swoop, the investment firm now owns 10 #1 songs from the Billboard Hot 100, three Grammy Song and Record of the Year nominations and more than 50 UK top 10 hits.
The LA-based Norwegians - Hermansen and Eriksen - have worked with some of the most influential artists of the last decade and they are especially noted for their 10-year working relationship with global superstar Rihanna. The Grammy and ASCAP Songwriter of the year-winning duo's songs have been instrumental in helping combine R&B, electronic and urban genres into the mainstream sound of pop that dominates today's charts.
"Tor and Mikkel are prolific songwriters and producers who have created an extraordinary body of work that will remain relevant for generations to come. It's a privilege for us to have had the opportunity to work with them and acquire this truly unique catalogue of music," said Patrick Russo, Partner at Shamrock Capital. "This diverse catalogue complements our existing music publishing and recorded music rights and advances our long-term strategy of building and holding a portfolio of evergreen properties."
"This is a great time for music," said Tor Hermansen of Stargate. "When you're starting out in your bedroom making music, you have no idea that 20 years later this can have true value. We're excited and proud that Shamrock recognizes this value and believes in our music."
Mikkel Eriksen added, "Jason and Patrick at Shamrock know their numbers, but they are also music-lovers. We feel confident that our life's work is safe in their hands for years to come."