Phil Collins, Mike Rutherford, and Tony Banks of Genesis sell rights to Concord in $300m deal
Concord has acquired again.
This time, the company has snapped up the publishing and recorded music catalogs of Tony Banks, Phil Collins and Mike Rutherford, as well as the publishing and recorded music catalog from their years in the band Genesis.
Citing ‘people familiar with the transaction’, The Wall Street Journal reports that the ‘megadeal’ is ‘valued at over $300 million’.
The news follows a string of recent M&A activity from Concord, such as its purchase of the assets of HitCo Entertainment and its eight-figure acquisition of Australia & New Zealand-based music publisher, Native Tongue.
Concord spent an estimated $1 billion on acquisitions during its first 14 years in business. It then spent two nine-figure sums acquiring a majority stake in Pulse Music Group in 2020, and then the Imagine Dragons publishing catalog, before acquiring Downtown’s copyright portfolio for $400 million, in 2021.
MBW also understands that Concord is in the running for the acquisition of Pink Floyd’s catalog.
Concord says that the “combined music catalogs of Genesis and these three artists are some of the most commercially successful of all time”.
Genesis have released 15 original studio albums. Tony Banks has released six, Phil Collins eight and Mike Rutherford has released two solo albums, as well as nine as Mike + The Mechanics.
Concord notes that The combined record sales, including additional live albums, movie soundtracks and box sets, are in excess of 250 million copies globally and contain songs including The Lamb Lies Down On Broadway, Sussudio, Against All Odds, All I Need is a Miracle, In the Air Tonight, I Can’t Dance, That’s All, Land of Confusion, The Living Years, Invisible Touch and several other hits.
Not encompassed in the acquisition are the participation of Peter Gabriel and Steve Hackett in the early Genesis albums.
Concord was advised by Shot Tower Capital, Reed Smith LLP and DLA Piper on this transaction. The Sellers (Tony Banks, Phil Collins and Mike Rutherford) were advised by Hit & Run Music Ltd and Sheridans.
“This is a catalog of music that we are all extremely proud of and it means a great deal to many fans.”
Tony Smith, TSPM
Tony Smith, founder of TSPM and long-time manager of Genesis, Tony Banks, Phil Collins, Mike Rutherford and Mike + The Mechanics, said: “This is a catalog of music that we are all extremely proud of and it means a great deal to many fans.
“Concord is one of the global leaders in music with whom we have been working for many years on the publishing side which we are extending to the whole recording catalogue together with publishing.
“We have been impressed by their good judgment and sensibilities as to the wishes of the artists and we are confident that alongside the respective continued relationships with record labels Warner Music and BMG, we leave the future ownership of the catalogue in their capable hands, safe in the knowledge that the heritage will be protected.”
“The songs of Tony, Phil and Mike have been the soundtrack to many people’s most important life moments.”
Bob Valentine, Concord
Concord President Bob Valentine, said: “The songs of Tony, Phil and Mike have been the soundtrack to many people’s most important life moments.
“Everyone at Concord feels the weight of the cultural significance of this remarkable collection of works, and we will strive to ensure that current and future generations of music listeners continue to hear and enjoy them.”
MBW recently interviewed Concord CEO, Scott Pascucci, and President, Bob Valentine, about the firm’s return to music’s M&A marketplace, as well as the company’s decision to turn down a $5 billion acquisition offer.Music Business Worldwide