Hipgnosis acquires Despacito songwriter's catalogue
By Iain Gilbert
Date: Friday 16 Nov 2018
(Sharecast News) - Hipgnosis Songs Fund has acquired the music catalogue of Jason Boyd, an American songwriter and producer better known by his stage name Poo Bear.
Boyd, who has collaborated with the likes of Usher, David Guetta, DJ Khaled, Chris Brown, Jennifer Lopez and Skrillex, is best known as one of Justin Bieber's closest collaborators and the man responsible for the English version of Despacito.
Hipgnosis, which paid $23.75m for a 75% stake in The-Dream's 302-song catalogue when the company floated back in July, was founded by Merck Mercuriadis, the former manager of acts such as Elton John, Guns 'n' Roses, Iron Maiden and Beyonce, will acquire a 100% interest in Boyd's catalogue, which is made up of 214 songs in total.
Former Chic guitarist Nile Rogers, who has worked with likes of David Bowie, Michael Jackson and Mick Jagger, acts as a board advisor for Hipgnosis.
Mercuriadis said: "It's fortuitous to be able to acquire a song catalogue of this importance so early in its life."
"Poo Bear is an extraordinary young man whose songs have not only been number one and won Grammy Awards but also have a long life in front of them. In a streaming world that is growing every day his songs are at the forefront, Despacito on its own was number one in more than 50 countries and is one of those truly rare songs that has united the globe."
As of 1340 GMT, Hipgnosis shares had slipped 0.070% to 106.68p.
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