Round Hill Music Royalty Fund has acquired an interest in a music publishing catalogue from Trevor Rabin, the Yes guitarist and film score composer.
The acquisition includes 3,528 film cues and songs covering tracks from across Rabin's career as a songwriter and film score composer.
Rabin is a member of the Rock And Roll Hall of Fame as a member of Yes, selling over 20 million albums worldwide. The catalogue includes major hits as such Owner of A Lonely Heart, a US No.1 in 1984.
Rabin has had a prolific film composing career, working with major Hollywood producers. The scores cover films including Armageddon, Enemy Of The State, Bad Boys II, National Treasure, Coach Carter, The Great Raid, Glory Road, Remember The Titans and more.
Round Hill is poised to benefit from an improving outlook for film and TV-linked performance revenues.
The catalogue is being acquired by funds managed by Round Hill, of which Round Hill Music's interest represents 50%. The acquisition includes the publisher's share and writer's share of the relevant copyright interests, as well as administrative control enabling Round Hill to control the sync licensing of the catalogue rights.
Trevor Bowen, chair of Round Hill Music Royalty Fund, said: "We are delighted to announce this first open market acquisition for the company since its IPO, and this demonstrates Round Hill's ability to execute on its near-term pipeline of copyrights. This catalogue acquisition ideally fits the investment manager's 10-year track record for delivering reliable long-term returns for investors by remaining disciplined asset managers, focused on acquiring proven copyrights at attractive valuations. The company's investment pipeline remains extensive with a number of near-term opportunities in exclusivity."
Josh Gruss, chairman and CEO of Round Hill, said: "Trevor Rabin is an iconic songwriter who has authored major hits from his time with Yes, one of the most important progressive rock bands of the 1980s and 1990s, in addition to an irreplaceable portfolio of film score compositions spanning decades representing a lifetime of work from one of the masters of the genre. We believe this is a particularly attractive area in which to be increasing our exposure, as film and TV performance revenues continue to increase in value. It is an outstanding privilege to welcome his catalogue to the Company's portfolio."
Trevor Rabin said: "Round Hill is well known in our industry from their decade of stewardship in managing some of the most important music catalogues. I know my music will be in good hands with their leading team of industry professionals who are so passionate about this catalogue."