Blackstone’s Latest Move Has the Look of a Hit
ByBlackstone is going long on music. For its first venture into buying and holding companies for extended periods of time, the private equity firm is taking over Sesac, a group that manages song rights for the likes of Bob Dylan and Mariah Carey. The growth of streaming provides a steady outlook. With some financial improvisation, it’s easy to come up with a healthy return.
The deal for Sesac, a for-profit Nashville-based operation that competes with the larger nonprofits Ascap and BMI, is the first from Blackstone’s new $5 billion fund that plans to hang on to acquisitions for at least a decade, far longer than a typical leveraged buyout. It also is the firm’s first jump into the music business, which is enjoying a bit of a renaissance…
Blackstone’s Latest Move Has the Look of a Hit
