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Hong Kong-based private equity firm HongShan Capital Group has agreed to acquire a majority stake in Marshall Group, makers of amplifiers that for decades have been a favorite among rock guitarists, in a deal valuing the company at 1.1 billion euros ($1.15 billion).
Under the deal, which needs regulatory approval in Europe, the Marshall family will retain “over 20%” ownership in the Stockholm, Sweden-based company. The investors divesting their stakes in the company include Swedish telecom Telia, private equity firms Altor and Time for Growth, as well as venture capital firm Zenith.
This will be the largest European investment to date for HSG, which also has offices in mainland China and London and lists TikTok owner ByteDance and the Chinese mega-retailer Alibaba in its portfolio.
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Terry Marshall, a board member and co-founder of Marshall along with his dad Jim, expressed optimism about the partnership’s potential to further the legacy of Marshall’s pioneering sound.
“We are now over 60 years into our journey, and the pioneering sound of Marshall continues to resonate across the world,” said Marshall. “Together with HSG and our team, we can further build on our history to amplify the love for music and the Marshall brand for decades to come.”
Established in 1962 in Hanwell, West London by Jim and Terry Marshall, Marshall Amplification swiftly built a loyal following by manufacturing larger-than-life amps for guitarists craving more muscle for their stage sound. Devotees of these high-wattage “Marshall stack” rigs over the years have included such guitar giants as Jimi Hendrix, Jimmy Page, Slash, Eric Clapton, Pete Townshend and Angus Young.
In 2023, Stockholm-based Zound Industries, known for their headphones and wireless speakers, acquired Marshall Amplification and rebranded it as The Marshall Group. The Marshall family retained a 24% stake in the company, with family heirs Terry and Victoria Marshall securing seats on the board of directors.
Today, the company still produces amps in the UK at their factory in Bletchley, Milton Keynes. It’s also about to introduce a new line of guitar pedals at this year’s NAMM tradeshow that it hopes will ” provide the unmistakable Marshall sound, no matter where you are.”
In early 2024, the company disclosed that a quarter of the Marshall Group’s sales come from headphones while 70% is derived from speakers and only 5% from amplifiers.
“Our mission is to support Marshall in unlocking its full potential by leveraging our expertise in digital channels and supply chain optimization,” said Taro Niggemann, managing director for Europe at HSG. “We aim to help bring Marshall’s exceptional products to even more customers globally while embracing and celebrating the spirit that has defined the brand for generations.”
Jeremy de Maillard, CEO of Marshall Group, added: “This deal is a testament to our team’s dedication and exceptional talent in making our vision a reality. Together with HSG and the Marshall family, we have the perfect conditions to continue building on Marshall’s iconic status and unlocking our full potential across the world.”
Alex Cooper is expanding her broadcasting duties even further in 2025, with SiriusXM announcing new exclusive programming as part of a multi-year agreement with the world’s most-listened-to female podcaster.
Beginning on Feb. 11, Cooper – the host and executive producer of the Call Her Daddy podcast – will give SiriusXM subscribers the chance to get closer to her and the Unwell Network with two new channels and live shows.
The first of these, Unwell Music, is curated by Cooper and is presented as a mixtape featuring the songs that have scored her life. Broadcasting contemporary hits alongside nostalgic pop anthems, Unwell Music will feature names such as Miley Cyrus, Tate McRae, Sabrina Carpenter, Beyoncé, Gracie Abrams and more. Alongside its eclectic playlist, the music will also be complemented by personal commentary from Cooper and behind-the-scenes stories.
The second of these channels, Unwell On Air, is designed to deliver a “live and curated pulse on what’s trending now”. In addition to highlights from the Unwell Network’s podcasts, it will also feature live daily programming that puts their Daddy Gang fanbase as the center of the conversation.
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This live programming includes Dialled In, which sees hosts Rachel Friedman and Montaine taking calls from listeners about relationship problems, friendship drama, and more. Dialled In airs from Monday to Friday at 7pm ET (4pm PT).
The programming also features The Daily Dirty, which sees hosts Sequoia Holmes, Fiona Shea and Hannah Kosh providing an hour-long catch-up focusing on pop culture-focused sharp takes, candid conversations, and playful segments. The Daily Dirty airs from Monday to Friday at 6pm ET (3pm PT).
“I’m constantly trying to find new ways to interact with my audience and with Unwell Music and Unwell On Air I’m able to deliver brand new daily live shows and playlists curated specifically by me,” said Cooper in a statement. “I can’t wait for everyone to experience a whole new world of Unwell.”
“Alex Cooper and her Unwell brand continue to be at the vanguard of pop culture with their authentic and unfiltered approach,” said Scott Greenstein, President, and Chief Content Officer at SiriusXM. “With the launch of Unwell Music and Unwell On Air, Alex is creating something that is only possible through the power of SiriusXM: a live 24/7 audio destination for her fans to immerse themselves further into her world. We can’t wait for you to hear what she has in store.”
Cooper first rose to fame with the Call Her Daddy in 2018, which was swiftly acquired by Barstool Sports shortly after its launch. In 2021, Spotify took ownership thanks to a $60M deal before it found a new home with SiriusXM in August 2024. The multi-year agreement provides SiriusXM with exclusive advertising and distribution rights, content, events, and more for both the Call Her Daddy podcast and the other titles on the Unwell Network – the production house Cooper founded in 2023.
Spotify paid $10 billion to music rights holders in 2024, according to a blog post published Tuesday (Jan. 29) from David Kaefer, the streamer’s vp/head of music business.
Last year, Spotify reported that it finished the third quarter of 2024 with 252 million subscribers. “Today, there are more than 500 million paying listeners across all music streaming services,” Kaefer writes. “A world with 1 billion paying listeners is a realistic goal.”
Spotify’s $10 billion payout, a new record for the company, is roughly 10 times as much as it shelled out to the music industry a decade ago. Kaefer says the streaming service has now contributed roughly $60 billion to the music industry since its founding.
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Also notable for Spotify in 2024 was CEO Daniel Ek‘s announcement to financial analysts in November that the company was “on track for our first full year of profitability.”
“We’re not here to merely optimize for today,” he added. “As you think about Spotify in 2025 and beyond, picture a company that operates with the same disciplined management you’ve seen this year, but one that also has the ambition to seize the opportunities presented by what’s happening in technology. In the near term, I see potential for transformative shifts in music discovery and new ways to connect artists and fans like never before.”
On Sunday (Jan. 26), Spotify announced that it had reached a new direct deal with Universal Music Group that will impact the company’s recorded and publishing royalty rates. “Constant innovation is key to making paid music subscriptions even more attractive to a broader audience of fans around the world,” Ek said in a statement regarding the news.
This sentiment was echoed in Kaefer’s blog post on Tuesday. “We offer an ad-supported free tier, while some services don’t,” he writes. “Beyond the ad dollars this generates, more than 60% of Premium subscribers were once free tier users. Bringing in users who don’t expect to pay for music, and deepening their engagement, means they’re more inclined to become subscribers in the future.”
“Onboarding people to paid streaming,” he continues, “is precisely what has increased our payouts — tenfold — over the past decade.”
Spotify will report its fourth-quarter earnings on Feb. 4.
The Vans Warped Tour is making a highly anticipated return in 2025, celebrating its 30th anniversary with three major two-day festivals in Washington, D.C.; Long Beach, California; and Orlando, Florida.
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The first round of artist announcements includes Warped Tour staples Simple Plan, Bowling for Soup, Pennywise, and Miss May I. The Warped Tour will also see the long-awaited reunion of ska-punk favorites Dance Hall Crashers, who are returning to the stage after 20 years, and rising pop-rock artist Chandler Leighton.
The six acts are just the beginning, with organizers planning to reveal additional names daily until Feb. 26 via Warped Tour’s social media platforms.
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Partnering with Insomniac—the production powerhouse behind Electric Daisy Carnival Las Vegas—Warped Tour 2025 aims to merge its punk rock spirit with elevated festival production. Each stop will showcase between 70 and 100 bands, spanning genres such as punk rock, pop punk, emo, alternative, and more.
“The complete lineup will be revealed over the next 30 days, with new artists announced daily until February 26. Each announcement will feature unique, artist-created content shared on the official Warped social channels,” Warped Tour organizers said in a statement, as per Metal Injection.
Vans Warped Tour founder and organizer Kevin Lyman added: “Putting together a lineup is never an easy task, but each act, both new and returning, plays an important role in delivering an unforgettable experience for fans, especially at the price point we’re offer. We collaborated closely with the bands to create some exciting surprises, exclusive content, and more for fans to enjoy. So follow along, soak in the journey, and who knows—you might just discover your next favorite band!”
Since its debut in 1995, the Vans Warped Tour has been a cornerstone of alternative music culture, launching the careers of acts like Paramore, Blink-182, and My Chemical Romance, and providing a stage for countless others.
Warped Tour 2025 Dates
June 14-15: Washington, D.C. – Festival Grounds at RFK Campus
July 26-27: Long Beach, CA – Downtown Long Beach Shoreline Waterfront
Nov. 15-16: Orlando, FL – Camping World Stadium Campus
Coldplay now holds the record for the largest-ever stadium shows of the 21st century following a two-night stint at Narendra Modi Stadium in Ahmedabad, Gujarat, in India, according to Live Nation. The shows also marked the first time Coldplay has played in the country. Over the weekend (Jan. 25-26), the British band performed for 111,581 fans […]
The company that owns the copyrights to Eminem’s “Lose Yourself” is suing a Ford dealership near the rapper’s native Detroit for using the iconic track in TikTok videos that warned viewers they “only get one shot” to buy a special edition truck.
In a lawsuit filed on Monday (Jan. 27) in Michigan federal court, Eight Mile Style accuses LaFontaine Ford St. Clair — which owns several dealerships near Eminem’s hometown — of blasting the song in the social media videos even though “at no time” did it get a license to do so.
“This is an action for willful copyright infringement … against LaFontaine for its unauthorized use of the composition in online advertisements for one or more car dealerships in blatant disregard of the exclusive rights vested in Eight Mile,” the company’s attorneys write.
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The lawsuit says the videos, which allegedly appeared on TikTok, Instagram and Facebook in September and October, used “Lose Yourself” to boost a special Detroit Lions-themed Ford truck, telling viewers: “With only 800 produced, you only get one shot to own a Special Edition Detroit Lions 2024 PowerBoost Hybrid F-150.”
Social media platforms like TikTok and Instagram provide huge libraries of licensed music for users to easily add to their videos. But there’s a key exception: The songs can’t be used for commercial or promotional videos posted by brands. That kind of content requires a separate “synch” license, just like any conventional advertisement on TV.
That crucial distinction has led to numerous lawsuits in recent years. The restaurant chain Chili’s has been sued twice for using copyrighted songs in social videos, including once by the Beastie Boys over “Sabotage” and again by Universal Music Group for allegedly using more than 60 songs from Ariana Grande, Justin Bieber and many others. The hotel chain Marriott and more than a dozen NBA teams have also recently faced copyright lawsuits over the same thing.
In the current case, Eight Mile Style pointedly noted that it had previously approved car commercials involving “Lose Yourself” — something of a natural fit, given the song’s connections to the Motor City.
“The composition was licensed and featured in a two-minute Chrysler television commercial that aired during the 2011 Super Bowl,” Eight Mile’s lawyers write. “Chrysler generated millions of dollars of new and used automobile sales across the world from this use of the composition.”
But LaFontaine’s decision to use the song without approval “usurped Plaintiffs’ exclusive rights to determine when and under what terms the composition may be used for commercial endorsements and advertising,” the company’s lawyers write.
Spotify general counsel Eve Konstan is exiting her role at the streaming giant “to step away from full-time corporate life,” she announced via LinkedIn on Monday (Jan. 27). “This marks the end of a chapter that’s been filled with unforgettable experiences and immense personal growth,” Konstan wrote, “and while it’s bittersweet to step away from […]
Deborah F. Rutter, who has served as president of the Kennedy Center since 2014, has announced her decision to step down at the end of this year. The Center’s board of trustees has formed a search committee to identify her successor.
“After more than 10 extraordinary years in Washington, D.C., collaborating with some of the most phenomenal artists, cultural leaders, diplomats, philanthropists, volunteers, and administrators, I have come to believe it is time to pass the torch,” Rutter said in a statement.
“Deborah’s visionary leadership has transformed the Kennedy Center,” said Kennedy Center board chairman David M. Rubenstein (who will continue to lead the board through September 2026, the Center announced in November). “Her legacy will be the Center’s increased relevance, visibility, and physical footprint.”
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Throughout her tenure, Rutter has expanded programming to represent the diversity of arts in America, most notably introducing hip-hop culture and social impact as two central areas of programming.
Under Rutter’s leadership, the Kennedy Center has grown its operating budget (expenses) to $268 million. Earned revenues have grown to $125 million, in addition to $95 million in contributed funds; $45 million in federal appropriations for the operation, maintenance and improvement of the memorial; and a $4 million draw from the endowment in fiscal year 2024.
In her first year, Rutter broke ground on a transformative arts facility and first-ever campus expansion, the REACH. After successfully delivering on a $250 million capital campaign raised entirely through private contributions, the REACH opened in September 2019.
As part of the Center’s 50th anniversary season, Rutter oversaw the development of “Arts & Ideals: President John F. Kennedy,” an immersive, permanent 7,500 square-foot exhibit exploring President Kennedy’s connection to arts and culture. Since its opening in September 2022, the JFK exhibit has welcomed nearly 1 million visitors.
Programs that evolved under Rutter’s leadership include Sound Health (Network), a collaboration with artistic advisor Renée Fleming exploring the neurological and health benefits of music. In 2024, the Center introduced its new Arts & Wellbeing series, reflecting the full spectrum of the arts and their impact on mind, body, and soul. This spring, the Kennedy Center will present “Earth to Space: Arts Breaking the Sky,” which will explore humans’ ambitions to navigate space.
The Kennedy Center serves as the home to the National Symphony Orchestra (NSO) and Washington National Opera (WNO). With more than 2,000 performances each year — and two major televised awards shows, the Kennedy Center Honors and the Mark Twain Prize for American Humor — the Center attracts 1.5 million ticketholders and more than 2 million visitors annually. Rutter has also guided the Center’s global network of more than 40 education initiatives, making it the nation’s largest provider of arts education by reaching more than 2.1 million individuals. She is also credited with landing Italian conductor Gianandrea Noseda as the NSO’s music director in 2016.
In the summer of 2006, Madonna touched down in New York for a run of shows at Madison Square Garden in support of her album Confessions on a Dance Floor. One young attendee was Val Blavatnik. “It was my first live-music experience and I was just so blown away,” he recalls. “I knew from then, even before our family acquired Warner, this was an industry I wanted to be involved in.”
Blavatnik’s father, Len, founder of Access Industries, subsequently bought Warner Music Group in 2011. A dozen years later, Val made good on his childhood dream, starting as senior director of business development at Warner Chappell Music. In April 2023, he was elected to WMG’s board of directors.
Val currently attends Harvard Business School, but he has been in close conversation with the company’s executive leaders, including his friend Elliot Grainge, the new chief executive of Atlantic Music Group. “Elliot and I got very close” during the negotiations that preceded WMG’s purchase of 51% of Grainge’s 10K Projects label in 2023, Val explains. “I advocated for the original 10K acquisition and for Elliot in his new role at Atlantic.” He clarifies, however, “As a board member, I am proud of my role, but it was [WMG CEO] Robert [Kyncl’s] decision.”
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You spent a few years at Warner Chappell and investment bank LionTree before joining the WMG board. Why was it the right time to make that move?
Well, I was very honored to be invited, and I take the responsibility extremely seriously. There are a wide range of perspectives on our board. It’s a very collaborative room to be in. Being the youngest person on the board, I’ve tried to make my role about bringing a different perspective to the conversation. I’m also one of the people on the board who has worked directly with artists, managing them, being in the studio, helping to sign them. That on-the-ground, in-the-room experience is vital.
How closely do you work with leadership?
Robert is always open-minded, and we have some fascinating and productive discussions. Learning about publishing from Guy [Moot] and Carianne [Marshall] was invaluable, and I’ve been very fortunate to work with Tom [Corson] and Aaron [Bay-Schuck] on signing two young acts we’re very passionate about. [Blavatnik declined to name the acts.]
I’m probably most involved with Atlantic. The team and I have a fantastic, ongoing open dialogue. I’m fortunate to be able to help in any capacity which benefits the business — from strategizing about the future, to helping close an artist signing, all the way through giving my two cents on a song.
Why is Grainge the right pick to lead AMG?
Elliot is an incredibly talented leader. It’s been an absolute pleasure to work and collaborate with him. Most importantly, artists love him, his team is unbelievably passionate and committed. He has brilliant creative instincts, he’s fantastic at creating huge cultural moments, and he has a deep grasp of business. That makes him a triple threat.
Do you think the music business needs a generational changing of the guard?
The music business should constantly evolve and innovate, like any other successful business. It’s not so much about a generational shift, but more about having executives with bold, fresh ideas and the ambition to deliver outstanding results.
This story appears in the Jan. 25, 2025, issue of Billboard.
As the legal battle over Kendrick Lamar’s diss track “Not Like Us” gets underway, both sides have retained top attorneys – with Drake hiring a lawyer who battles conspiracy theories and Universal Music Group turning to one of its favorite law firms.
Filed last week, Drake’s case accuses UMG of defaming him by boosting Lamar’s track, which attacks Drake as a “certified pedophile” and has become a chart-topping hit in its own right. The star says his own label “waged a campaign against him,” spreading a “malicious narrative” that it knew was false.
The courtroom showdown has drawn intense publicity, and it’s not hard to see why: It pits one of the world’s biggest stars against the world’s biggest music company after a lucrative, decade-plus partnership, over a smash hit song by a critically-adored rapper – one who’s set to perform at the Super Bowl next month, by the way. It also represents something of an unprecedented move in the history of hip hop: A lawsuit over a rap beef that allegedly went too far.
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To handle that kind of high-profile case, Drake has hired Michael Gottlieb, a former federal prosecutor who once served as a former associate counsel in the Obama White House. Gottlieb is currently a partner at the law firm Willkie Farr & Gallagher, a national firm with a well-known music industry practice that has repeatedly been featured on Billboard‘s yearly Top Music Lawyers.
Based on his recent work, Gottlieb is unlikely to be intimidated by the media attention surrounding Drake’s lawsuit. He’s currently representing two Georgia poll workers in efforts to collect a huge verdict against Rudy Guiliani over his lies about election fraud, a case that just settled last week after high-profile court hearings in New York. He’s also repping Blake Lively in her battles against “It Ends With Us” co-star Justin Baldoni, including her harassment case as well as Baldoni’s libel countersuit – cases that have transcended the courtroom and crossed firmly into the messier world of public relations.
In Lively’s suit, she says she was the victim of a sophisticated “digital retaliation campaign” centered “manipulation” of social media designed to destroy her reputation across the internet. Those kinds of claims are nothing new for Gottlieb, who has made a name for himself in recent years filing defamation lawsuits on behalf of alleged victims of online disinformation.
In 2023, he won the $148 million defamation verdict against Giuliani. Before that, he represented the brother of Seth Rich, a Democratic staffer whose murder became grist for right-wing conspiracy theories, as well as the owners of the D.C. pizzeria at the center of Pizzagate — an infamous online hoax centered on false claims of child sex trafficking that later sparked a real-life shooting.
In bringing Drake’s case to court, Gottlieb has raised similar allegations against UMG. He argues that the label used secret payments and bot streams to help spread a “dangerous conspiracy theory” about his client on the internet, putting the rapper at risk of serious physical harm. He even cites the Pizzagate shooting by name, calling a shooting at Drake’s house the “2024 equivalent” of that earlier incident: “UMG’s greed yielded real world consequences.”
Defending against those claims, court records show that UMG has retained the law firm Sidley Austin — one of the largest of the country’s elite “BigLaw” firms, and one that has repeatedly repped the music giant in past legal battles.
Sidley attorneys represented UMG when the label was the named as a defendant in the copyright lawsuit filed by Marvin Gaye’s heirs over Robin Thicke and Pharrell’s chart-topper “Blurred Lines” – a case that transfixed the music industry for years. The firm also handled certain stages of a long-running copyright case filed by UMG’s Capitol Records against the video sharing site Vimeo over internet takedown rules.
More recently, Sidley defended UMG against a class action accusing the label of unfairly refusing to allow hundreds of artists win back control of their copyrights — eventually winning a key ruling that effectively gutted the case. The firm also won a decision last year killing another case filed by the hip hop duo Black Sheep, who accused UMG of securing its stake in Spotify by giving the streamer a “sweetheart” licensing rate that left artists underpaid by millions.
The firm has also handled numerous music matters outside the UMG orbit. Sidley attorneys have also repped Warner Music Group – including in transactional work like the label’s joint venture deal with Elliot Grainge’s label 10K Projects and its $400 million acquisition of 300 Entertainment, as well as defending the company against litigation like a copyright termination case filed by Dwight Yoakam.
As of Monday, the only Sidley attorney to formally appear in Drake’s case is Nicholas P. Crowell, a New York attorney focused on complex commercial litigation, though he’ll almost certainly be joined by other firm attorneys as the case progresses. Top members of the music team at Sidley include litigator Rollin A. Ransom and deals attorney Matthew C. Thompson – both of whom have also repeatedly been named to Billboard’s list of Top Music Lawyers.
If recent work is any indication, the attorneys at Sidley will take an aggressive approach to a lawsuit that UMG itself has already publicly blasted as “illogical” and “frivolous.”
Ransom and other Sidley attorneys are currently defending UMG against Limp Bizkit’s $200 million royalties lawsuit, a case filed in October that claims the band had “not seen a dime in royalties” because of “systemic” and “fraudulent” policies. The lawyers filed a motion to dismiss the case just a month later, ripping the lawsuit’s “entire narrative” as “fiction” and “based on a fallacy.” Last week, a judge sided with those arguments and rejected core aspects of the band’s case.
The firm will file its first response to Drake’s lawsuit in March.