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Hipgnosis Songs Fund’s assets are now valued at $690 million less than they were before. Blackstone must be licking its lips (@musicbizworld) https://t.co/SMkTz00ZIF
Live News: Hipgnosis slashes company value, O. announce debut album details, and more 🔗 Keep up with all of today’s breaking news stories and new music releases in one place. https://t.co/icKOAjtPxs
After spending $1billion on acquiring artists’ back catalogues in 2021, Hipgnosis stock has hit a record low as value of music portfolio plummets https://t.co/wn7YGnyeei
Hipgnosis, a music investment company, is facing a significant drop in the value of its music portfolio. The board hired a consultant who found the portfolio to be worth 26% less than previously calculated. This has led to a record low stock price for Hipgnosis. The company's Songs Fund board has reduced the NAV/share by 33% to $1.17/92.1p, causing further decline in shareholder value. Additionally, the company's debt as a percentage of NAV is expected to increase from 32% to around 48%.
