The financial buyer of music catalogs may be “focused on the boring part of the business,” as co-founder Jeremy Tucker puts it — but it’s built a diverse, 15,000-song catalog.
The music investment company owns works by Future, Enrique Iglesias and Julia Michaels.
The country’s Financial Supervisory Service is looking into whether Bang broke securities laws by striking profit-sharing deals with three major shareholders.
The ABS is backed by a $5.1-billion catalog featuring songs by Genesis, Phil Collins, R.E.M., Carrie Underwood and Creed.
Kilduff previously served as CFO for non-profit organization, the Gary Sinise Foundation.
A $450 million credit facility, and a previously reported asset-backed securitization, will help “continue our investment into the business and our technology,” said CFO Catrin Drabble.
After fourth-quarter revenue declined 5%, first-quarter revenue will be down 2% to flat, the company announced Thursday.
Media business layoffs are hitting the music industry, with more to come from Universal Music and perhaps other labels.
"The stakeholders have major investments; it's time," says a former employee.
Facing a decline in revenue and owing $2 billion in debt, the radio company looks to restructure its balance sheet.
