UNIVERSAL MUSIC GROUP ACQUIRES MINORITY STAKE IN CHORD MUSIC PARTNERS

Core Insights - Universal Music Group (UMG) has formed a strategic partnership with Dundee Partners for the management and acquisition of music intellectual property (IP), acquiring a 25.8% stake in Chord Music Partners for $240 million, valuing Chord at $1.85 billion [1][2][4] Group 1: Partnership and Stake Acquisition - UMG will globally administer publishing and distribute recordings for Chord's existing catalogs, which include over 60,000 music copyrights [1][2] - KKR will sell its majority stake in Chord to Dundee Partners and its investor consortium, with UMG holding a minority stake [1][4] - The partnership aims to actively manage Chord's rights and acquire additional catalogs in the future [2][5] Group 2: Chord's Portfolio and Management - Chord, established in 2021, holds a catalog of premier music IP featuring works from iconic artists such as The Weeknd, David Guetta, and John Legend [2][3] - UMG's management will leverage its global network to enhance the value of Chord's music rights [3][5] Group 3: Leadership and Future Growth - Sir Lucian Grainge, UMG's Chairman and CEO, emphasized the importance of partnerships in identifying timeless music for long-term growth [3] - Boyd Muir, UMG's CFO, highlighted the efficient structure for future catalog acquisitions without significant capital allocation [3][5] - Sam Hendel from Dundee Partners expressed excitement about combining financial acquisition capabilities with UMG's industry leadership [3][7]