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Private equity firm’s $1bn venture aims to cash in on music rights buying spreeThe US private equity giant Blackstone has struck a deal with Merck Mercuriadis, which advises the London-listed music rights business Hipgnosis, to set up a $1bn (about £735m) venture to acquire music rights and manage catalogues.Over the past three years Mercuriadis has overseen an acquisition spree at Hipgnosis, buying the royalty rights to the music of stars from Neil Young and Barry Manilow to Beyoncé and Blondie and building up a portfolio of almost 61,000 songs worth $2.2bn. Continue reading...