(CelebrityAccess) — Downtown Holding Corp announced it has sold its music publishing stake to Concord and plans to re-orient its business to focus on the music services sector.
The deal with Concord included Downtown Music Publishing’s complete catalog of music publishing rights, including 145,000 owned and co-published music copyrights from artists such as Aretha Franklin, Beyoncé, Blake Shelton, Bruno Mars, Carrie Underwood, David Bowie, Eric Clapton, the Grateful Dead, Jay-Z, Lady Gaga, Madonna, Maroon 5, Marvin Gaye, Mary J. Blige, Mos Def, Mötley Crüe, New Order, Rage Against the Machine, Ray Charles, Santigold, Sam Smith, Stevie Wonder, and The 1975 among many others.
As part of the transaction, Downtown will continue to manage global royalty collection for the copyrights included in the sale through the end of 2021.
As well, Downtown will continue to handle publishing administration for its clients, which include Miles Davis, John Prine, John Lennon, and the Estate of George Gershwin, among others.
“Concord is an excellent home for this extraordinary catalog that we’ve had the unique privilege to build over the past 14 years. Not only does Concord recognize the value of these works, but this transaction further demonstrates the true strength of the modern independent music sector,” said Downtown Founder and CEO Justin Kalifowitz.
Downtown also announced the launch of Downtown Music Services, which combines services from its existing divisions, Downtown Music Publishing and DashGo, into one entity providing distribution, copyright management, creative marketing and financing solutions for songwriters and artists.
The newly launched division will be led by Mike Smith, who joined Downtown last year as Global President of the company’s music publishing business. DashGo Founder and President Ben Patterson will assume the role of Chief Operating Officer with continued oversight over distribution, marketing and promotion.
“What drives me forward is empowering artists and songwriters to take control of their destiny. With the establishment of this new business unit, Downtown is enabling creatives to maintain ownership whilst still getting the access, resources and support of a global music company. Ben and I are both excited by the truly unique offering that combines our services, knowledge and expertise,” said Smith.
Lisbeth R. Barron and her firm Barron International Group acted as the exclusive financial advisor to Concord on the transaction. Barron International is no stranger to Concord’s business and has advised the company on numerous deals over the past four years, including its 2017 acquisition of Imagem.