Litmus Music
Legendary singer-songwriter Randy Newman has sold his share of his recorded music and publishing rights to Litmus Music, a catalog-acquiring firm backed by private-equity giant Carlyle Group.
The deal encompasses Newman’s seminal film scores along with his catalog of popular solo hits. The rights acquisition includes his compositions for Disney franchises like Toy Story (“You’ve Got a Friend in Me,” “We Belong Together”), Monsters, Inc. (“If I Didn’t Have You”) and The Princess and the Frog (“Almost There”), among others.
The list of non-animated movies he has worked on over the decades includes The Natural, Three Amigos, Awakenings, The Paper, Maverick, Ragtime, Pleasantville, Meet the Parents, Seabiscuit and his recent pairing with director Noah Baumbach, for The Meyerowitz Stories and Marriage Story.
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The lifelong Angeleno launched his career in 1968 with a self-titled solo debut but came into his own in the following decade with a string of critically acclaimed albums including 1970’s mature 12 Songs, 1972’s lush Sail Away, 1974’s provocative Good Old Boys and 1977’s slick Little Criminals. His solo output slowed in the 1980s, but included 1983’s pop-leaning Trouble in Paradise and 1988’s rock-tinged Land of Dreams. In 1995, he released musical album based on the story of Faust, followed by a more traditional pop-rock effort in 1999’s Bad Love and then 2008’s jazzy Harps and Angels. He has also released three collections of stripped-down versions of his work under the moniker of The Randy Newman Songbook.
His catalog of solo hits, featuring that folksy, does-he-have-a-cold? warble, includes “I Love L.A.,” “Short People,” “It’s Money That Matters,” “Feels Like Home,” “Short People,” “Baltimore” and “It’s A Jungle Out There.” Many of his songs have been picked up and made into hits by others, including “Mama Told Me Not To Come” (Three Dog Night) and “You Can Leave Your Hat On” (Joe Cocker).
Newman’s work ethic over the years has earned him seven Grammys, three Emmys, two Oscars, a star on the Hollywood Walk of Fame and inductions into the Songwriters and Rock & Roll Halls of Fame.
Litmus did not disclose financial terms of the acquisition. Launched in August 2022 with a $500-million-investment from Carlyle’s Global Credit Platform, Litmus has so far acquired publishing and recording rights of artists from a range of genres, including rights to Katy Perry’s first five studio albums for Capitol Records, Keith Urban‘s master recordings and a package of publishing and performance copyrights from producer Benny Blanco.
Dan McCarroll, co-founder of Litmus Music, expressed unbridled enthusiasm about the acquisition, calling Newman a “brilliant songwriter and performer” whose work transcends generations. Hank Forsyth, co-founder and CEO, thanked Newman for entrusting them with his songs, which “continue to transcend time and illuminate films. And Alex Popov, head of private credit at Carlyle, emphasized the enduring presence of Newman’s music as a “staple of childhood memories and experiences for decades.”
12/29/2023
The year saw K-pop companies making mega moves on a global scale, while the catalog market remained hot.
12/29/2023
Super producer Benny Blanco sold a package of publishing and performance copyrights to Litmus Music, the private equity-backed music rights company run by industry veterans Hank Forsyth and Dan McCarroll, both groups said on Wednesday (June 28).
Litmus said the acquisition includes Billboard Hot 100 No. 1’s like “Diamonds,” recorded by Rihanna, “Moves Like Jagger” recorded by Maroon 5, “Love Yourself” recorded by Justin Bieber, and “Señorita,” recorded by Shawn Mendes & Camila Cabello, plus “Eastside,” recorded by Blanco, Halsey & Khalid, “Roses,” recorded by Blanco and the late Juice WRLD featuring Brendon Urie, and others.
Terms of the deal were not disclosed.
Investor interest in music copyrights remains at an all-time high, and while career-spanning catalogs from artists like Bruce Springsteen and Bob Dylan have fetched among the highest reported sums, Blanco, 35, is among a growing cadre of younger producers, artists and songwriters who are electing to sell some of their copyrights while they are still actively making music.
This is the second rights sale Blanco, whose full name is Benjamin Joseph Levin, has done in recent years. In 2019, he sold Hipgnosis partial rights to some 90 songs, including his writer’s share in “Castle on the Hill,” which Blanco co-wrote and co-produced with Ed Sheeran.
A 2013 winner of the Hal David Starlight Award by the Songwriters Hall of Fame and multi-time recipient of BMI‘s songwriter of the year award, Blanco said his longstanding relationship with Litmus’s Dan McCarroll was the reason he chose them to handle these rights.
McCarroll, Litmus co-founder and chief creative officer, and Blanco met when the creative was 17 and McCarroll was running East Coast creative for EMI Publishing. The pair have since worked together on projects involving Keith Urban, Gym Class Heroes and Katy Perry, among others.
“I first crossed paths with Dan as a young teenager,” Blanco said in a statement. “I feel like we’ve had so many dinners and conversations that have gone beyond music and they really helped guide and shape me into the person I am today. There’s no better home I could imagine for such a meaningful part of my catalog.”
McCarroll speaks of the pride of watching him become the “incredible writer and producer he is today. We at Litmus are honored to work with him now to support part of his incredible catalog.”
Launched in August 2022, Litmus has $500 million in backing from Carlyle Global Credit, and aims to buy the publishing and recording rights of artists from a range of genres. In December, Litmus announced it bought Keith Urban‘s master recordings for an undisclosed sum. Forsyth previously held positions as executive vp at Warner Chappell and GM of Blue Note, while McCarroll served as president of both Warner Brothers Records and Capitol Records.
Keith Urban has sold his master recordings to Litmus Music.
The acquisition marks the first deal for the Carlyle Global Credit-backed Litmus since the company’s founding earlier this year. The purchase, for an undisclosed sum, includes 10 studio albums and a greatest hits compilation from the multiple-Grammy winner, as well as a collaboration agreement on future recordings.
Urban’s most recent full-length set, 2020’s The Speed of Now, Part 1, was his seventh No. 1 on Billboard’s Top Country Albums chart, where he’s notched 10 top 10s. He’s also landed 21 No. 1s on Billboard’s Country Airplay chart, including “Somebody Like You,” “Days Go By” and “Long Hot Summer,” as well as 16 No. 1s on the Hot Country Songs chart. On the all-genre Billboard 200 albums chart, Urban has logged eight top 10-charting sets, including two No. 1s.
Urban has earned 20.7 million equivalent album units for his catalog of albums in the U.S., according to Luminate. Of that sum, 14.9 million are in traditional album sales. His songs — those billed to him as the primary artist in Luminate’s database — have sold 26.1 million downloads in the U.S. and have generated 4.76 billion on-demand official streams in the U.S.
“I have the deepest respect for Keith, his incredible talent and his passion for making great music. He’s a musically insatiable musician, record maker, performer and songwriter,” Dan McCarroll, co-founder and chief creative officer of Litmus Music, said in a statement.
“It is an honor to partner with Keith and represent songs that reflect his integrity, character and musicianship,” added Litmus’ co-founder/CEO Hank Forsyth. “Dan and I and the entire Litmus team are so grateful Keith has trusted us to care for what he has given so much to create.”
Urban, who is managed by Borman Entertainment, said, “What makes this such a great fit for me is the genuine passion and respect Dan, Hank and the team at Litmus have for this music. In working with them, I feel that same collaborative spirit that’s always inspired me as an artist.”
Litmus launched in August with a $500 million backing from Carlyle Global Credit, with plans to rely on Forsyth and McCarroll’s deep industry ties after decades in the music business. Forsyth previously held positions as executive vp at Warner Chappell and GM of Blue Note, while McCarroll served as president of both Warner Brothers Records and Capitol Records.
Urban is the latest country superstar to sell his master recordings this year. In January, Hipgnosis Song Management acquired 80% of Kenny Chesney’s recorded music catalog spanning from 1994-2017. In October, Blake Shelton sold ownership of his master recordings released from 2001-2019 to Influence Media Partners, though that deal includes a joint venture whereby the singer will earn a share of the profit generated by his catalog going forward.
Set to kick off a residency at Las Vegas’ Planet Hollywood next year, Urban told Billboard in November that he and producer Dann Huff were “feverishly working away to try and finish [the new album], which I hope will come out early mid next year.”
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