American music publisher Reservoir Media picks up catalogue of First State Media
US-based music publisher Reservoir Media Management has purchased First State Media Group's catalogue. The deal increases Reservoir Media's roster to around 75,000 songs. The value of the acquisition was not disclosed, according to Music Week.
First State's song catalogue consists of 26,000 tracks including songs from Wind-up Music Publishing, Country Teracel, Sheryl Crow, and Dimensional/Dreamworks. Some of these songs are The Twist, Take the 'A' Train, Disco Inferno, Louie Louie, and some other tracks of John Denver, the Creed, the Carpenters, Evanescense, Bob Marley, and the Byrds, the report detailed.
Sources said the catalogue of First State generates approximately $4.5 million worth of net publisher's share, the report added.
Under the terms of the deal, Reservoir also purchased an administration contract that it previously signed with BMG. The former will then handle the songs of First State in North America. BMG, on the other hand, will take care of international administration, the report explained.
Reservoir president Golnar Khosrowshahi said of the transaction: "Acquisitions like these provide the ideal combination of the scale and quality we consider when strategising the growth of our company. This deal is one of many more to come."