New York (HedgeCo.Net) – Fortress Credit Corp., an affiliate of $63.8 billion hedge fund manager Fortress Investment Group LLC, has invested $50 million in new capital commitments to independent music publishing company, Spirit Music Group, to pursue its expansion plans. This investment brings Spirit’s total capital raised since 2012 to more than $100 million.
“Spirit Music Group is on an aggressive growth path. We are pleased that Fortress has shown confidence in Spirit’s current business, staffing and vision to partner with us as we enter this exciting next phase of Spirit’s growth,” said Spirit Music Group Chairman David Renzer.
Founded in 1995, Spirit is one of the world’s leading independent music publishers, owning and/or managing more than 75,000 songs spanning seven decades and every musical genre. The company’s repertoire reflects some of the most beloved songs and songwriters of all time including hits by Frank Sinatra, Billie Holliday, Elmore James, Elvis Presley, Charles Mingus, Dion, Aretha Franklin, B.B. King, Santana, The Beach Boys, Barbra Streisand, Gladys Knight, Alice Cooper, Pure Prairie League, Chicago, Chaka Khan, Anita Baker, The Go-Go’s, Madonna, Mariah Carey, Jay-Z, Ricky Martin, Usher, Dido, Jewel and Mary J. Blige; the complete catalogs of such iconic songwriters and writer/artists as Pete Townshend, T.Rex, Boz Scaggs, The Marshall Tucker Band, Toto, Billy Squier, Andrea Bocelli, Charles Mingus, Alan and Marilyn Bergman, Rick Nowels, C&C Music Factory; and the breakthrough work of such newer artists as Scissor Sisters, The Naked & Famous, Matt & Kim, San Cisco, Zooey Deschanel and Big Data.
Spirit Music Group will use this capital to acquire additional music rights, both publishing and masters, as well as to increase its roster of iconic catalogs, A&R activities and further expand its international presence.
Alex Akesson
Editor at HedgeCo.net
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