Leonard Cohen Song Catalog Acquired by Hipgnosis

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Hipgnosis Song Management has announced a big old deal via its Blackstone-backed venture Hipgnosis Songs Capital ICAV to acquire a stack of rights in the songs catalogue of Leonard Cohen for an undisclosed sum.In total, the deal covers 278 songs and derivatives, including the all-important ‘Hallelujah’ – which has been covered more than 300 times. For songs written from the start of Cohen’s career through to 2000, Hipgnosis has acquired the writer’s share of royalties.

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Leonard Cohen is the latest artist whose song rights have been bought, after his estate reached a deal with the Hipgnosis Songs Fund for an undisclosed sum.According to Rolling Stone, the deal includes all 278 songs that Cohen wrote, including his most popular songs ‘Hallelujah’, ‘Suzanne’, ‘So Long, Marianne’, ‘First We Take Manhattan’ and more.The investment company obtained the “songwriter’s share” of 127 songs from Cohen’s Stranger Music catalogue, which covers the period of the inception of late musician’s career through to the year 2000; derivative works pushes the total to 211 songs.Hipgnosis also acquired the ownership of 100 per cent of the copyrights, “publisher’s share” and “songwriter’s share” of royalties of the latter part of his catalogue, spanning from 2001 to his death in 2016.“To now be the custodians and managers of Leonard Cohen’s incomparable songs is a wonderful yet very serious responsibility that we approach with excitement and fully understand the importance of,” Hipgnosis founder Merck Mercuriadis said in a statement.“Leonard wrote words and songs that have changed our lives, none more so obvious than ‘Hallelujah’ but there are so many more that we look forward to reminding the world of on a daily basis.

Jem Aswad Senior Music EditorAnyone paying even casual attention to the music industry must have noticed the skyrocketing value of song catalogs, which have exploded at such a rate that we’re seeing an average of two or three nine-figure deals per month, with Sting, Neil Diamond and David Bowie’s estate making multi-hundred-million-dollar sales in just the past two months.Thus, it was just a matter of time before performing rights organizations — an often-overlooked multi-billion dollar business that collects royalties when songs are played everywhere from bars and restaurants to stadiums — got into the game, and BMI, which along with ASCAP is the biggest PRO in the U.S., has enlisted unnamed advisors to assist in exploring opportunities for its members and its business, according to an internal letter obtained by Variety. In the letter, BMI president-CEO Mike O’Neill sets the scene described above and writes, “It’s important that we evaluate what this could mean for BMI, both now and into the future.

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Neil Diamond, whose decades-long career has spawned hits like “Sweet Caroline,” has sold his song catalog to Universal Music Publishing Group.

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