Report: SESAC Considering Bid For Harry Fox Agency
May 27, 2014 at 5:28 AM (PT)
"RIZVI TRAVERSE, the private equity firm owner of public performance rights organization SESAC, is planning a bid to acquire the HARRY FOX AGENCY, the U.S. mechanical rights organization," reports ED CHRISTMAN in BILLBOARD, who adds the bid may be in the $30 to $40 million range..
"HFA’s parent NATIONAL MUSIC PUBLISHERS ASSN. is now planning to hire an investment bank to explore the possibility of selling its HFA subsidiary as it anticipates the RIZVI TRAVERSE bid," notes CHRISTMAN. "But even before now, the NMPA has been informally exploring the possibility of selling the agency for at least the last six months sources say. According to sources, RAINE GROUP, which sold CONCORD MUSIC GROUP last year, is among the investment banks that have been approached."