NASHVILLE, TN (CelebrityAccess MediaWire) — Nashville-based performing-rights organization SESAC Inc. has sold a majority stake to private equity investment firm, Rizvi Traverse Management LLC.
According to the Wall Street Journal, the sale of a 75 percent stake in SESAC was worth approximately $600 million. Rizvi Traverse Management is focused on the entertainment industry and last year inked a buyout deal with ICM, recasting the agency as ICM Partners.
SESAC, the smallest of the three major performance rights organizations in the U.S., handles everything from creation to licensing and administration with clients ranging from Bob Dylan to Neil Diamond. The company maintains its headquarters in Nashville, and has offices New York City, Los Angeles, London, Atlanta, and Miami.
SESAC has been on the block since February of last year, when the organization's owners approached Goldman Sachs to arrange the sale. A previous auction attempt at $700 million was unsuccessful. – CelebrityAccess Staff Writers