Cardi B Apologizes For Hosting 37 People During Thanksgiving Dinner Amid Coronavirus Pandemic

Cardi B posted an apology on Sunday (Nov. 29) for a series of tweets made over Thanksgiving.

In the posts, the rapper boasted of hosting more than 30 people for the holiday amid warnings to forego large gatherings during the raging COVID-19 pandemic.

“Sorry my bad wasn’t trying to make nobody feel bad.I just had my family in my home for the first time and it felt so good & uplifted me,” Cardi wrote in a follow-up tweet. “I spent soo much money getting every1 tested but it felt worth it.I wasnt trying to offend no1.”

The apology came after Cardi appeared to be reveling in hosting a large dinner for her family. It started with an innocuous post about enjoying the holiday in which she wrote, “Happy Thanksgiving everyone! Enjoy your family & friends and the turkey legs” amid LOL re-posts about hilarious “WAP”sgiving videos.

Then, on Sunday, Cardi said she had “12kids and 25 adults over the holidays.” A short time later, Cardi shared how blessed she was feeling about the last few years of her life.

“Back in 2017 God revealed so many people around my circle that I though was .I didn’t understand why but In 2018 I found I was pregnant & had a very successful year,” she said of her breakthrough year. “God revealingly people to me again this year! means 2021 finna be a good year and f–k people can’t come with me.”

But then came the backlash to her packed house tweet, after which Cardi explained that she made sure everyone in her house was tested beforehand, which many experts warned may not have been enough of a precautionary measure given the disease’s latency period and sometimes unreliable tests as well as the danger of asymptomatic spread.

Cardi also noted that she and everyone around her get tested “literally 4 times a week,” adding that, “I’m in the middle of work and Everytime we clock in we MUST GET TESTED!”

When some commenters pointing out that not everyone has the ability to get tested as frequently as Cardi does — including one who wrote, “No one is trying too hard. You had 37 people over your house during a pandemic.Even if you dont think of yourself as a role model many fans will see your Thanksgiving as not taking COVID seriously.Also testing folks alone isn’t going to work. It has a two week incubation period” — the rapper seemingly responded with, “People be trying too hard to be offended. I wonder how they survive the real world.”

A spokesperson for Cardi B had not returned requests for additional comment at press time.

Check out the tweets below.

Snoh Aalegra Debuts Exclusive “Find Someone Like You” and “I Want You Around” Performances

“When I was nine years old, I told my mom, ‘I’m going to be an artist, let’s do this,'” Snoh Aalegra laughs. Her mother picked up the phone book and started making calls. Without any demos or recordings to share, she landed a meeting with a studio executive who gave her young daughter a chance to sing for him. That eventually led to a development deal with Sony ATV in Sweden for the hopeful 13-year-old. At the time the family lived in Enköping and a young Aalegra had to travel 45 minutes to Stockholm after school and on the weekends to attend recording sessions.

She looks back on those years fondly, remembering train rides as a time to sit quietly with her thoughts. In the first of two new exclusive performances, Aalegra returns to that familiar train setting with a four-piece band for a new rendition of “Find Someone Like You,” from her 2019 album Ugh, Those Feels Again. “I’ve always been a big daydreamer,” she says, “And that definitely gave me time to just dream away, listen to music, and be in a different world on my way back and forth from school and the studio.”

“I Want You Around,” is a timeless song about the innocent feelings that take root before love fully forms, a snapshot of something familiar to many. “My music and my albums are like little time capsules. I’m literally telling you about the latest that I’ve been through,” explains Aalegra. “It’s like a diary.” In the second new performance, Aalegra shares a stripped-down show flanked by her band members and curtains moving through the light of a warm afternoon. Watch the performances above and read more about Snoh Aalegra’s rise to fame in a new documentary about the Swedish-Iranian soul singer at billboard.com/hondastage.

Pro Tips For Buyers And Sellers

Buying and selling music publishing catalogs is filled with costly pitfalls. The complexity of publishing contracts, copyright law and royalty streams create pitfalls that can add unforeseen costs and hamstring the buyer or seller with unwanted terms. Billboard spoke with leading attorneys and experts to identify trouble spots and provide solutions.

How should a catalog seller prepare?

Deals can become “lopsided” when a seller cannot match the buyer’s institutional knowledge and ability to value a catalog, says Scott Bradford of DLA Piper: “They don’t look into the value and instead go with what the buyer is offering.” Chris Hull of Citrin Cooperman stresses that the seller should get “even footing with the buyer” by assembling a team: a transaction attorney, an accountant and a valuation firm. Brokers guide the seller through the process and “bring business acumen to those that don’t have it.” Hull also recommends that the buyer review the last three to five years of royalty earnings to accurately forecast future revenue.

What are the tax consequences if I sell my catalog?

The Internal Revenue Service allows individual songwriters to treat income from the sale of self-created music works as capital gains rather than personal income, meaning the sale is taxed at no more than 20%, rather than the marginal rate for personal income, which peaks at 36%. But the capital gains rate could be on the way up: President-elect Joe Biden campaigned on a tax plan that included a call for an increase, either by treating capital gains as personal income or doubling the capital gains tax.

What does exclusivity mean in a catalog sale?

A buyer and seller will enter into an agreement of exclusivity during which the seller cannot engage with other would-be buyers. In the past, shopping periods were drawn out and sellers received more than one bid. Today, sellers move faster and want exclusivity with buyers during the due diligence process, says Lisa Alter of Alter Kendrick & Baron. “Now buyers are really putting their best deals forward immediately and trying to lock deals up to keep them out of the hands of their competitors.”

What is the net publisher’s share? What is a “multiple”?

The net publisher’s share (NPS) is the amount a composition or catalog pays a publisher annually after payments have been made to the songwriters. A multiple refers to a catalog’s price relative to its NPS. For example, in today’s market, a catalog can sell for 16 to 20 times NPS — meaning that if a buyer pays $20 million for a catalog with $1 million NPS, the multiple is 20. Note that even though catalog acquisition prices are often described in terms of the multiple, the buyer and seller negotiate a price based on future royalties; they do not negotiate the multiple paid.

What is a catalog’s chain of title, and why does it matter?

When performing due diligence, the prospective buyer should confirm the chain of title: the sequence of ownership of a song’s rights from origin to the present. This is especially important with older titles. A prospective buyer will review songwriters’ contracts to see if any rights have been assigned to other parties. The buyer might find partial rights have been assigned (either the publishing rights or writer’s share), and rights differ by country.

What is a “matching right,” and why should it be in a contract?

A matching right gives a publisher the opportunity to match a third party’s bid for the songwriter. A matching right provides the publisher a chance to acquire a songwriter’s share that it has administered. A songwriter can accept a matching right but might want the right to expire a certain number of years after the contract’s end date. “I try to limit the term of the matching right,” says attorney Casey Del Casino. From the songwriter’s point of view, the matching right can subdue bidding if potential buyers expect the publisher to trump their offer. The matching right extends if the parties extend the contract. But a songwriter’s heirs are also bound to a matching right, and in a worst-case scenario, those heirs sell the songwriter’s share without knowing the matching right exists and fall into breach of contract.

Why are some catalogs more valuable than others?

Some genres receive more radio play and steady streams over the long term. “Classic rock and classic R&B trade the highest, especially if it comes with administration rights,” says Michael Poster of Michelman & Robinson. “There’s not as much concern with decay” in airplay or streaming. Multiples of 20 times NPS “may apply to a current pop catalog,” says Rob Sherman of DLA Piper. But those multiples don’t apply to “production music or an old rock song. Set expectations appropriately.

Are all royalties treated the same when valuing a catalog?

Some royalties play a larger role in catalog valuation, says Jonathan West of Latham & Watkins. A buyer needs to consider the source of a composition’s royalties. “Public performance and streaming royalties are relatively valuable because they are consistent,” says West. “[Synch] is unpredictable, and it’s a one-time payment.” What’s more, too many synch placements in TV, film and commercials can indicate a song has been overlicensed and could have diminishing value.

What is a “key man” clause?

A buyer of a small publisher should look for a key man clause, a contractual term that lets songwriters terminate their contract if a person key to their success — a “key man” — departs the company. If so, a buyer may be forced to retain that person who has the relationship with a valuable songwriter.

How long does a copyright last?

The length of a copyright depends on the year the song was written. For works created after 1978, the copyright extends for the author’s life plus 70 years. Copyright for works created before 1978 last for 95 years. The copyright for a song written by two or more people lasts 70 years past the death of the last surviving author. So, for example, a post-1978 work by a songwriter in his or her 40s or 50s could attract buyers who would own the copyright for the next century (30 years of the author’s life plus 70 years). When a song is a work-for-hire, the company, not the songwriter, that employed the writer owns the rights.

Does the buyer or seller perform due diligence?

The prospective buyer should perform a due diligence review to confirm the chain of title, registrations, revenue streams and contract terms. Less often the seller also performs due diligence, and may see an increased payoff that justifies the cost. Alter says that in her experience, “the seller winds up making more money” if the seller does the due diligence, because the buyer puts greater trust in the numbers behind the valuation.

What is a termination right?

Songwriters have the right to regain ownership of their publishing rights 35 years after the work was published or 40 years from the date of grant. Congress included this right to termination in the 1976 Copyright Act to give songwriters a second bite at the apple: the chance to negotiate better terms or sign a contract with a different publisher. To exercise the right, the songwriter must notify the publisher of the right to terminate no more than 10 years and no fewer than two years before the termination date. However, if the work is acquired, a new 35-year period begins when the new publisher initiates its publishing services or 40 years after the rights were acquired. West advises buyers that the termination window will “open 35 years from the date of grant, which would be the earliest possible publication date.” So, for a song published in 2010, the termination date is 2045.

What happens if a songwriter doesn’t exercise a termination right?

A failure to exercise a termination right means the chance is lost — forever — which can have real financial consequences. Del Casino offers this example: A songwriter who hasn’t invoked his termination right extends his publishing contract, thus extending the termination right; if the publisher then sells the publishing right for $1 million, the songwriter doesn’t get a penny of that sale — because he didn’t use the termination right to take ownership of the publishing right. “The new publisher still pays the writer’s share, but you don’t own it,” says Del Casino. From a buyer’s perspective, a possible termination changes the value of a catalog. “Maybe a certain percentage of the purchase price is withheld until we know whether or not they are going to be terminated,” says attorney Erin Jacobson.

What happens when a third party has claims to a catalog?

“Sometimes there are a lot more people tangentially involved in a transaction than you would know,” says Alter. The buyer might learn that former managers, ex-spouses or previously unknown offspring (it happens, attorneys say) can claim a stake in a catalog. “Other than asking the question of the seller and doing judgment and lien searches, as a buyer you’re relying on due diligence requests, the representations, and warranties and lien searches,” says Poster.

Latin Remix of the Week: Bebe Rexha Recruits Natti Natasha For Bilingual ‘Baby I’m Jealous’

Bebe Rexha, Doja Cat and Natti Natasha join forces for a girl-power trifecta in the newly-released “Baby I’m Jealous” remix.

Staying true to its original version, the re-imagined dreamy pop track finds Natti Natasha trading verses with Bebe and Doja Cat on a explosive bilingual remix that touches on the insecurities women face and the negative impacts of social media.

“Natti Natasha is bad-ass, and having her join this remix for ‘Baby I’m Jealous’ gives the song a whole new flavor and vibe,” Bebe Rexha said about her first-ever collab with Natti Natasha. “Natti also supports women in music and sisterhood in the same ways I try. It makes her an even more natural fit to be a part of this track.”

“I’m so excited to be able to collaborate with Bebe Rexha,” Natti expressed. “She’s a music icon and this song makes her even more special. With lyrics in both languages, I hope many more listeners will be able to identify with the song and feel empowered to let go of society’s expectation and feel confident.”

“Baby I’m Jealous” debuted at No. 58 on the Billboard Hot 100 in October. Bebe Rexha and Doja Cat performed their hit collaboration at the 2020 American Music Awards. See their performance here and check out this week’s Latin Remix of the Week below:

The 5 Things Most Investors Seek In A Song Catalog

While listeners’ emotional reactions play a large role in whether songs become hits, a much different — and objective — set of considerations can determine whether a song or song catalog represents a sound investment.

In order to uncover some of those factors, Royalty Exchange — an online platform that facilitates investments in music publishing royalties (in addition to other media) and, according to its website, has generated over $84 million in sales — examined 239 sales that it has facilitated since 2018. The Denver-based company shared its analysis with Billboard of the key elements that affected the closing prices, relative to the profit they generated for their publishers. It also provided data that shows how royalties from different formats — streaming, radio and synchs — trend as songs age. (See charts.)

Royalty Exchange says it has conducted over 1,000 transactions (although not all are music-related) and claims an average 10% return on investment. Royalty Exchange auctions tend to result in investments that total tens of thousands of dollars as opposed to tens of millions and often include temporary sales — investments that carry a time limit. These allow artists and songwriters to raise cash on a song or album without giving up ownership.

“We serve the 99%,” says executive vp and partner Gary Young. “Hipgnosis has done maybe 60 very targeted deals. We’ve done more than a thousand with a far greater range of catalogs.” Recent offerings have included a 10-year investment in U.S. and Canada publishing royalties for 24 Doobie Brothers songs, including the 1974 hit “Black Water,” which closed at $160,000; a 30-year term investment in sound recording royalties for Evanescence’s multiplatinum album Fallen, which closed at $705,500. A life of rights auction for producer royalties for Youngboy Never Broke Again’s platinum single “Valuable Pain” brought a high bid of $79,950.

Investments are passive — auction winners are not able to market a song or catalog or increase its value through synchs, for example — and can also be blind, based solely on performance criteria or data provided by Royalty Exchange.

The 239 sales that Royalty Exchange analyzed — looking at both average and media data — were all music-related and excluded private syndicate transactions and 10-year temporary sales. The company also broke out all sales with closing multiples of 10 times net publisher’s share or more.

Royalty Exchange identified five key factors that investors look for when considering whether to invest in a song or catalog.

LONGEVITY
The longer a catalog has been earning royalties, the longer investors feel comfortable that it will continue to earn royalties. “It’s known in investing circles as ‘The Lindy Effect,’” says Young, a reference to Lindy’s Deli, which catered to show business veterans from 1921 to 2017 in New York’s Times Square. “If a song has been earning for 10 years, it probably will continue earning for another 10 years.”

It’s not surprising, then, that the average age of songs included in a catalog is one of the most important determining factors behind how much investors are willing to pay:

  • Looking at all sales, Royalty Exchange found that catalogs older than five years attracted a closing multiple about 20% higher than the median.
  • Looking at the catalogs that sold at a multiple of 10 times or more, the average age was 13 years, with the median age being 10 years.

 

SOURCE OF ROYALTIES
Because longevity is important, investors look for catalogs that generate royalties from sources they feel will continue. Top among these is streaming-based royalties. Streaming royalties are considered more sustainable than radio airplay or digital/physical sales. (See chart.) Synch royalties can be lucrative, but Young says that past synch performance does not predict future royalties especially if investors are not able to work a song or catalog. “If Sony/ATV has been successful getting synchs for a song on its roster, then that definitely factors in,” says Young. But, he adds, “if a song gets synched a bunch early in its life, that could be a contraindication of its long-term synchability.”

Royalty Exchange’s analysis shows that among the catalogs that sold for a multiple of 10 times or more, streaming generated on average 62% of their royalties, with the median being 64%. For those that sold for less than 10 times net publisher’s share, streaming generated only 44% of the earnings on average and a median of 42%.

FAMILIARITY
Royalty Exchange says it has demonstrated that blind investments in catalogs that meet certain financial criteria, without examining the details of the music, songs or artist, earn higher returns on average. But its analysis indicates that when investors can review song and artist details, the closing multiples are 20% higher. “It has been replicated too many times to be luck: For assets where the artist or song is well known,” says Young, “the more you pay, the more your return is going to be.”

He adds that “anecdotally, we’ve seen catalogs for superstar artists close at far higher multiples, which indicates that investors are willing to pay more for bragging rights to a certain song or catalog, or that they feel that superstar artists are a safer investment.”

COST
While investors typically value a catalog in terms of its last 12 months of net publisher’s share (essentially gross profit) — and determine how many multiples of that figure they are willing to spend to acquire it — the absolute cost of the catalog is also a factor, according to Royalty Exchange. Its analysis shows that investors have indicated a willingness to pay a higher multiple for a lower-cost catalog.

Of the catalogs that sold for a multiple of 10 or higher, the average transaction was $56,800, with the median being $28,000.

GENRE
Young says that according to the analysis there was no discernible preference for one genre over another. The list of catalogs that sold for multiples of 10 times or higher range from hip-hop to country to R&B to rock to electronic. “So long as the average age of the catalog is 10 years or more and still generating streaming activity,” he says, “investors are willing to acquire the royalties.”

Dealmakers Directory

In a hot market for music publishing transactions, hiring the right people is more important than ever. For the individual songwriter or his or her heirs, assembling the right team is critical when walking into an unfamiliar process. Buyers hire experts to wade through contracts and royalty statements. And both parties tap into their experts’ industry relationships. This list encompasses attorneys who have transacted recent deals, the experts that valued the catalogs, the connected brokers that guided sellers through the process and the people who funded the acquisitions.

IN-DEMAND ADVISERS

Shot Tower Capital
David Dunn, managing partner
Baltimore
410-376-7900
Dunn and Shot Tower have been involved as advisers in many of the biggest publishing deals of the last decade — especially over the last four years. He advised Sony and a consortium of buyers when they acquired EMI Music Publishing in 2012, then worked with the Michael Jackson estate, where he is a financial adviser, to sell its half of Sony/ATV to Sony for $750 million in 2016. He advised the sell-side again in 2018, when the consortium sold its shares of EMI to Sony for $2.3 billion in a deal ultimately valued at $4.5 billion. Shot Tower also sold Imagem Music to Concord Bicycle Music in 2017, the biggest publishing deal of that year, and in 2020 shopped Pulse Music and Big Deal Music. The former sold to Concord for $160 million; the latter to Hipgnosis for approximately $90 million. Both were two of the biggest deals of this year. In addition to the Jackson estate, Dunn serves as financial adviser to the estates of Aretha Franklin and Prince.

1.618 Industries
John Rudolph, CEO Santa Monica, Calif.
310-339-3915
Rudolph recently worked two of the biggest songwriter catalog sales of 2020: He advised Imagine Dragons on its $100 million-plus catalog sale to Concord Music Publishing in August and shopped The Killers’ pre-2020 song catalog, which was acquired by Eldridge in November.

Bernstein Private Wealth Management
Dan Weisman, vp
629-213-6000
daniel.weisman@bernstein.com
Weisman, a former artist manager at Roc Nation, advises artists and songwriters on selling their catalogs and offers a number of services that are essential for a sale, including pre-transaction evaluations, tax planning and connections to his extensive network of professionals in these and related fields. These resources are provided without charge to songwriters and artists with a minimum of $1 million in annual income from their catalog. According to sources, the firm has been involved in over $100 million in catalog sales this year.

Hallwood Media
Neil Jacobson, founder/CEO
Los Angeles
info@hallwood.com
Jacobson left the presidency of Geffen Records in December 2019 to launch Hallwood, a company representing top songwriter-producers. He has brokered music-rights sales for Jeff Bhasker, Brendan O’Brien and Emile Haynie.

Hearts Bluff Music
Scott Parker, founder/president
Nashville
615-327-2900
scott@heartsbluffmusic.com
According to the Nashville-based adviser, it has sourced over $50 million in publishing- and royalty-related compositions comprising 20,000 titles, including “Jungle Boogie,” “Sleeping Single in a Double Bed,” “We Built This City” and the I Love Lucy theme.

Thomas St. John
Thomas St. John, owner
Los Angeles
424-273-1172
info@thomasstjohn.com
St. John advised Calvin Harris on the sale of his catalog to Vine Alternative Investments.

CONSULTANTS

Provident Financial Management
Zach Best, director, publishing and royalties department
Los Angeles
310-282-0477
Best advised Frankie Valli and Bob Gaudio on their Primary Wave deal, which he described as a “multimillion-dollar, 10-year strategic partnership.”

Creatv Media
Peter Csathy, founder/chairman
Los Angeles
877-775-4849
bizdev@creatv.media
Csathy served as a consultant to Devo for its catalog sale to Primary Wave and facilitated the music publisher’s acquisitions of  the Boston, Air Supply and Count Basie catalogs.

GEF Entertainment
Eddie Fernandez, president
Los Angeles
310-888-1800
A former senior vp for Sony/ATV Latin and Universal Music Publishing Group Latin, Fernandez was most recently involved in Warner Chappell’s acquisition of the catalog of longtime Venezuelan hitmaker Franco De Vita.

Citrin Cooperman
Christopher Hull, partner
New York
212-697-1000
Hull handles audits, conducts financial due diligence and prepares music valuations on behalf of songwriters and music publishers.

YMU Group
Pat Savage, managing director/group director
London
+44 (0) 208 742 4950
Savage was the accountant in the Primary Wave-Chrissie Hynde deal.

CATALOG VALUATION

Massarsky Consulting
Barry Massarsky, president
New York
info@massarskyconsulting.com
Massarsky is a leading expert in catalog valuation, income analysis and litigation economics.

FTI Consulting
Brad Sharp, senior managing director
Roy Salter, senior adviser
Los Angeles
310-552-3774

Sharp is well known in the industry for conducting valuations for music publishing clients. Also well known in the industry is Salter, who has been with FTI since 2012, when his Salter Group was acquired by the firm. Salter leads the firm’s valuation and financial advisory services practice and the media and entertainment industry group, among other responsibilities.

The W Group
Kirsten Wilson, founder/president
Denver
303-788-1420
Wilson performances valuation work for publishing and recording assets for banks, estates and private equity clients.

INVESTMENT BANKS

Alvarium Investments
Jonathan Goodwin Partner/head of merchant banking
London
+44 20 7195 1400
Goodwin declined to comment on his music publishing work, but sources say he has been involved in a number of catalog deals both before and after he merged his previous firm Lepe Partners with Alvarium in March 2019. Prior to that union, Lepe and Alvarium worked as advisers to the sellers of Spinnin’ Records — including its publishing operations — for its 2017 acquisition by Warner Music Group; the Ministry of Sound label to Sony International in 2016; and Eagle Rock Entertainment, a record label and producer and distributor of music programming for DVD, TV and digital media, to Universal Music Group in 2014. 

Barron International Group
Liz Barron, founder/CEO
New York
212-551-4510
In the early 2000s, Barron, then at Bear Stearns and later investment bank Berenson & Company, was frequently linked to music industry deals. Since starting her own firm in 2015, her music-related work has been tied to Broadway: In 2016 she was involved in Concord’s partnership with Andrew Lloyd Webber to form theatrical licensing venture The Musical Company, and the following year helped broker Concord’s acquisition of Samuel French, a publisher of British and American play scripts.

Goldman Sachs
Aaron Siegal, managing director, technology, media and telecom group, investment banking division
New York
212-902-1000
The Wall Street powerhouse was involved in the sale of EMI Music Publishing to Sony Corp. in 2018 and is now shopping Kobalt Music Group, which is said to be seeking a $1 billion capitalization for its platform.

LionTree
Aryeh Bourkoff, founder/CEO
New York
212-644-4200
The media specialist has been involved in a few big music industry deals over the past decade. In 2012, it was among the army of investment bankers involved in the sale of EMI Music Publishing to a Sony-led consortium of buyers. In 2017, it successfully shopped SONGS Music Publishing to Kobalt for between $120 million and $160 million, leading SONGS founder/CEO Matt Pincus to join LionTree as an adviser the following year.

The Raine Group
Fred Davis, partner
New York
212-603-5550
fdavis@raine.com
Raine served as financial adviser to the Sony-led consortium that bought EMI Music Publishing in 2012 for $2.2 billion, a record at the time. In 2020, Davis took on what could become another landmark publishing deal when he was hired to explore strategic opportunities for Downtown Holdings, which could lead to additional capitalization for the company or its sale. Downtown’s assets include a publishing division with an estimated $20 million in net publisher’s share, CD Baby, business-to-business services company FUGA and SongTrust, a royalty collection service for DIY music artists.

LAW FIRMS

Alter Kendrick & Baron
Lisa Alter, partner
Katie Baron, partner
New York
212-707-8377
Alter represented Carlin in its sale to Round Hill Music (with a reported price of $245 million), as well as numerous Primary Wave acquisitions and/or partnerships, including the publishing and recorded masters catalogs of Olivia Newton-John and The Four Seasons, as well as the music publishing for the catalogs of Burt Bacharach and the pre-1964 songs of Ray Charles. Alter and Baron represented Primary Wave in the acquisitions of the publishing and recorded masters royalty income streams for Whitney Houston, Donnie Hathaway, Sublime, Air Supply, Culture Club and Bob Ezrin. Baron also advised Reservoir Media Management in its acquisition of over 16,000 copyrights from music publisher Shapiro Bernstein.

Barnes & Thornburg
Jason Karlov, partner
Los Angeles
310-284-3880
Karlov is the chair of the entertainment, sports and media practice group. Notable deals in the last year include the Journey publishing and record catalog sale, the Imagine Dragons publishing catalog sale to Concord Music Publishing and the sale of publishing catalogs of The Killers and Arthouse Entertainment.

Carroll Guido Groffman Cohen Bar & Karalian
Elliot Groffman, partner
Michael Guido, partner
New York
212-759-2300
Groffman represented Big Deal Music in its acquisition by Hipgnosis Songs. Guido recently represented Mark Ronson and Richie Sambora in their catalog sales to Hipgnosis.

Clintons
Andrew Myers, partner
London
+44 20 7395 8468
Myers recently advised Chrissie Hynde in her catalog sale to Primary Wave.

The Davis Firm
Doug Davis, co-founder
New York
212-414-4200
Davis recently repped the sale of the catalog of pop hitmaker Savan Kotecha to Hipgnosis Songs.

Del Casino Law
Casey Del Casino, owner
Nashville
615-243-0645
Del Casino represents buyers and sellers of music publishing catalogs, including the sale of copyrights derived from termination of prior grants of copyrights.

DLA Piper
Robert J. Sherman, co-chair, entertainment finance practice
Los Angeles
310-595-3120
Sherman advised Concord Music Publishing on the closing of $1 billion in debt financing.

Fox Rothschild
Tim Mandelbaum, partner
New York
212-878-7900
Mandelbaum repped Blondie for its sale of the rights to the band’s writers’ share to Primary Wave and RZA for his share of half of his publishing royalties to his catalog.

Erin M. Jacobson, Esq. 
Beverly Hills, Calif.
424-354-9364
Jacobson, who bills herself as “The Music Industry Lawyer” (it’s also her website URL), was involved in transactions related to songs written by or recorded by Elvis Presley, Frank Sinatra, Sam Cooke, Ray Gilbert and Andy Williams.

King Holmes Paterno & Soriano
Peter Paterno, partner
Laurie Soriano, partner
Los Angeles
310-282-8989
Paterno represented Eurythmics’ Dave Stewart in the sale of his music catalog to Hipgnosis and Goo Goo Dolls frontman Johnny Rzeznik in the sale of his catalog to Round Hill Music. Soriano advised Calvin Harris on the sale of his catalog to Vine Alternative Investments.

Loeb & Loeb
Derek Crownover, partner
Nashville
615-749-8312
Crownover represented country songwriter Hillary Lindsey — a Grammy Award winner for her work on Carrie Underwood’s “Jesus, Take the Wheel” as well as for Little Big Town’s “Girl Crush” — in Concord Music Publishing’s investment in her catalog.

Manatt Phelps & Phillips
Eric Custer, partner
Lee Phillips, partner
Los Angeles
310-312-4111
Custer was involved in the publishing sales of songs by Smokey Robinson, Sly & Robbie, Paul Anka and songwriter-producer-guitarist George Pajon Jr., who has collaborated with the Black-Eyed Peas on a number of their hits and worked with Carlos Santana, Sting and Macy Gray. Phillips was recently involved in the sale of Paul Anka’s publishing to Primary Wave.

Michelman & Robinson
Michael Poster, partner
New York
212-730-7700
Poster advised Vine Alternative Investments on its October acquisition of Calvin Harris’ catalog. He has also represented Johnny McDaid in his catalog sale to Hipgnosis.

Myman Greenspan Fox Rosenberg Mobasser Younger & Light
Eric Greenspan, partner
Jeffrey Light, partner
Tamara Milagros-Butler, partner
Francois Mobasser, partner
Audrey Benoualid, senior associate (music)
Los Angeles
310-231-0823
The firm’s deals include catalog sales of Pulse Music (to Concord Music Publishing), Flip Records (Stain’d, Limp Bizkit to Shamrock), and Godsmack and Disturbed to Primary Wave; and Hipgnosis’ purchases of No I.D.’s music catalog (on behalf of No I.D.) and Sean Douglas’ music catalog (on behalf of Sean Douglas).

Reed Smith
Stephen Sessa, partner
Los Angeles
310-734-5426
Sessa represented the songwriting catalogs of Tor Hermansen and Mikkel Eriksen — the pop songwriting-production team known as Stargate — in their sale to Shamrock Capital. He also represented Concord Music Group in its investment in Pulse Music Group.

Rosenfeld Meyer & Susman
Bill Hochberg, partner
Beverly Hills, Calif.
310-246-3209
Hochberg has repped a variety of catalog sellers. His current clients include the estates of Curtis Mayfield and Henry Mancini.

Selverne & Company
Michael Selverne, partner
New York
212-259-3900
Selverne represented SONGS Music Publishing in its sale to Kobalt Capital and Round Hill Music in its $240 million acquisition of Carlin Music Publishing.

Singh Singh and Trauben
Simran Singh, partner
Beverly Hills, Calif.
310-856-9705
Singh recently represented the duo Luny Tunes in its sale to Sony/ATV.

Toberoff & Associates
Marc Toberoff, founding partner
Malibu, Calif.
310-246-3333
Toberoff was the primary counsel representing Ray Charles’ heirs in Primary Wave’s acquisition of a majority stake in U.S. music publishing revenue from Charles’ pre-1964 catalog.

Venable
Wallace Christner, partner
Washington, D.C.
202-344-4988
Christner provided sell-side mergers and acquisitions counsel for Pulse Music Group in its partnership with Concord Music Publishing; Big Deal in its sale to Hipgnosis Songs; and Sony/ATV’s $750 million purchase of Michael Jackson’s remaining interest in the company.

Latham & Watkins
Jonathan West, partner
Los Angeles
424-653-5513
West represented Ithaca Holdings in its acquisition of Atlas Music Publishing and Big Machine Label Group. He represents Bytedance (TikTok) in content acquisition, talent engagement and music licensing.

Wolf Rifkin Shapiro Schulman & Rabkin
Brian Schall, partner
Heidy Vaquerano, senior counsel
Los Angeles
310-478-4100
Schall represented Tom DeLonge of Blink-182 and R&B songwriter-producer Brian Kennedy in their catalog sales to Hipgnosis. Vaquerano represented Tom DeLonge of Blink-182 and R&B songwriter-producer Brian Kennedy in their catalog sales to Hipgnosis.

Ziffren Brittenham
John Branca, partner
Los Angeles
310-552-3388
Branca has made industry-shaping publishing deals, including the 1985 purchase of the Beatles catalog for Michael Jackson and the 1995 merger of Sony and ATV to create Sony/ATV Music. In 2020, Branca and his partners at Ziffren Brittenham have been selling catalogs and royalty streams for artists, writers and publishing companies, most of which are subject to confidentiality agreements.

LENDERS

City National Bank
Denise Colletta, senior vp/team leader, entertainment division
Nashville
800-773-7100
Long one of the go-to banks for the music industry, City National has financed and advised on a number of music publishing deals, and its refusal to divulge its clients and the work it has done for them is part of that appeal.

First Horizon Bank
Mark FordSenior vp, Music Industry
Nashville
615-734-6572
groupmford@firsthorizon.com

First Horizon has been involved as a lender in the purchase of music assets, including participating in the loan syndicate that provided a $600 million recapitalization of Concord. In the last five years, First Horizon has amassed a several hundred million dollar loan book, with the vast majority of that funding supporting music publishing deals and the remainder in record label deals, according to sources.

JP Morgan Chase
David Shaheen, managing director of entertainment group
Los Angeles
JP Morgan Chase was the lead bank in a syndication of lenders that provided $600 million in refinancing for Concord this summer.

Pinnacle Financial Partners
Andy Moats, executive vp/director of music, sports and entertainment
Nashville
615-744-2895
andy.moats@pnfp.com
Pinnacle has been extremely active in having closed loans totaling hundreds of millions of dollars in music publishing and label finance in 2020. While the bank doesn’t disclose clients or deals, it was co-lead in the bank syndication that provided the debt for Spirit Music’s $350 million recapitalization and management-led buyout in 2019.

Truist (formerly SunTrust Bank)
Jeff Dunn, head, sports and entertainment group
Atlanta
866-495-5416
jeff.dunn@suntrust.com
Truist, which formed in December 2019 as result of the merger between banks SunTrust and BB&T, was a lender in some of the biggest deals of the last few years, and part of the syndicate that provided $600 million in refinancing to Concord Music in August. In 2019, Truist — with Pinnacle Financial Partners — led the syndication of the debt that was used in the $350 million recapitalization and management-led buyout of Spirit Music.

MARKETPLACE

Royalty Exchange
Anthony Martini, partner
Denver
800-718-2269
info@royaltyexchange.com
The Denver-based online auction platform, which sells music publishing assets and royalty income streams (among other media investments), recently handled its 1,000th transaction, which all told have generated over $84 million in sales revenue for songwriters and other copyright owners, according to its website. While Royalty Exchange handles mostly smaller transactions that are well under $1 million, it has handled some rights and income stream sales for owners that sold copyrights related to high-profile acts like The Doobie Brothers, Evanescence and YoungBoy Never Broke Again.

 

Laverne Cox Speaks Out After Transphobic Attack in L.A.: ‘It’s Not Safe If You’re a Trans Person’

In an Instagram post over the weekend, actress and activist Laverne Cox revealed that she had been a victim of a transphobic attack in Los Angeles’ Griffith Park. “We are fine,” she wrote in her caption. “Be careful out there.”

In the video, Cox relayed the story, saying that on Saturday, Nov. 28, she and a friend (who Cox said she would prefer to keep anonymous) were going for a “socially distanced walk” in the park, when a man approached them and “aggressively asked for the time.” Cox’s friend checked their watch to tell the man what time it was.

“My friend that I’m with looks at his watch and tells him the time, and then the guy who had asked for the time says to my friend ‘Guy or girl?'” she recalled. “My friend says, ‘F— off.’ I’m walking and hearing all of this — it happened in a split second. And then all of a sudden, the guy is attacking my friend … the guy was hitting my friend.”

Cox went on to explain that she promptly called 911 to get authorities on the scene, but as soon as she did, the fight had ended, and “the guy was gone.”

The Orange is the New Black star said that looking back, it was clear that the man who attacked her friend was trying to determine whether or not Cox was trans.

The star said this is far from the first time she’s been harassed in public about her gender identity. “It’s happened to me a lot,” she said, with a chuckle. “It doesn’t always come to blows … but yeah, I have a whole history, if any of you have heard my story, I have a long history of street harassment in New York, of being clocked or spooked or called out on the street.”

The actress then went on to point out how her story is just yet another example of violence being perpetrated against trans people on a daily basis. “It’s not safe in the world,” she said. “I don’t like to think about that a lot, but it is the truth and it’s not safe if you’re a trans person. Obviously I know this well.”

According to the Human Rights Campaign, 39 transgender and gender non-conforming people have been violently murdered in 2020, making this year one of the deadliest on record for transgender and gender n0n-conforming people everywhere.

“It doesn’t matter who you are,” Cox said in her video. “You can be, like, Laverne Cox, whatever that means. If you’re trans, you’re going to experience stuff like this.”

In the comments under her video, Cox received support from many celebrities, including Indya Moore, Kerry Washington, Lee Daniels, Peppermint, Niecy Nash and many more. “I HATE you and your friend were subjected to this violence,” actress Robin Thede said in the comments. “You deserve BETTER.”

Check out Cox’s full account of what happened below:

 

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