Spirit Music Group has announced a recapitalisation led by its COO Jon Singer.
The independent publisher is now wholly owned by the newly formed Lyric Capital Group. Its capital injection allows it to remain independent and build upon its 25-year history.
Spearheaded by Singer and Spirit’s Ross Cameron, with participation from major institutional investors, the recapitalisation is being implemented at a time when investors are seeing opportunities in music publishing assets. US music publishing revenue is expected to exceed $2 billion (£1.5bn) this year, while the Music Modernization Act and the expansion of streaming services are also boosting the sector.
Singer will become chairman of Spirit Music Group and managing partner of Lyric, while Cameron will continue in an executive role at Spirit and become a partner at Lyric. Eaton Partners acted as exclusive financial advisor to Lyric.
Rak Sanghvi, managing director UK/international, remains with Spirit Music Group. David Renzer, chairman since 2014, is leaving the company.Singer said: “There is a powerful shift occurring within the music industry and this new dynamism means that Spirit, with our amazing songwriters, dedicated team and 75,000 songs, is especially well-positioned for growth. We are privileged to have major institutional investors on board, providing us with additional capital to grow. I am very excited to serve the incredible songwriters that make up the Spirit family during this exciting time.”
Spirit’s catalogue includes songs recorded by Chicago, Eminem, Sam Hunt, Jay Z, Madonna, Scotty McCreery, Tim McGraw, Elvis Presley, Ed Sheeran, Blake Shelton, Frank Sinatra, Taylor Swift, The Who and Whitney Houston. Its songwriter roster includes James Bay, Marc Bolan, T Bone Burnett, Henry Mancini, Matt & Kim, Johnny McDaid, Graham Nash, John Newman, Rick Nowels and Pete Townshend.
Spirit is also as a royalty administrator and promoter of its songs into film, television and advertising productions as well as a wide range of new media.