Keith Urban sells catalog of recordings to $500 million Litmus Music
Litmus Music has acquired Keith Urban’s catalog of master recordings.
The deal includes ten multi-platinum, platinum or gold certified studio albums and a greatest hits compilation. Catalog highlights include 24 #1 songs and a record-breaking 36 consecutive Top 5s.
Founded in August, New York-based Litmus was co-founded by Hank Forsyth and Dan McCarroll with Carlyle Global Credit, which has initially committed $500 million in equity and debt.
Carlyle was previously an investor in Scooter Braun’s Ithaca Holdings prior to its $1 billion acquisition by HYBE in February last year. Carlyle has left his position at the acquired company.
In a press release announcing its entry into the rights acquisition earlier this year, Litmus said it plans to “acquire and manage music rights, including both music releases and recorded music, across genres, regions and vintages.”
This deal is Litmus’ first since inception earlier this year and demonstrates the collaborative, artist-centric approach Litmus sought to bring to the market.
As part of the deal, Litmus says it will continue to work in close partnership with Urban and his management team, Borman Entertainment, as he continues work in the studio and finishes his next album, due out in 2023.
“What makes this so great to me is the genuine passion and respect that Dan, Hank and the team at Litmus have for this music.
“What makes this so great to me is the genuine passion and respect that Dan, Hank and the team at Litmus have for this music,” Urban said.
“Working with them, I feel the same collaborative spirit that has always inspired me as an artist.”
“I have the utmost respect for Keith, his incredible talent and his passion for making great music.”
Dan McCarroll, Litmus Music
Dan McCarroll, Litmus Music’s Co-Founder and Chief Creative Officer, said, “I have the utmost respect for Keith, his incredible talent and his passion for making great music.
“He’s a musically voracious musician, record maker, performer and songwriter.”
“It’s an honor to work with Keith and represent songs that reflect his integrity, character and musicianship.”
Hank Forsyth, Litmus Music
Hank Forsyth, Co-Founder and Chief Executive Officer of Litmus Music, said, “It is an honor to work with Keith and represent songs that reflect his integrity, character and musicianship.
“Dan and I and the entire Litmus team are so grateful that Keith trusted us to take care of what he gave so much to create.”
Matt Settle, Managing Director at Carlyle said: “We are excited about this first deal between Keith and Litmus Music, the industry and the opportunity to move forward.
“Partnering with a world-renowned artist like Keith is a testament to the skills of the litmus team.”
Litmus says its founding members bring significant experience in the music industry to the space.
Hank Forsyth has held various executive positions at Warner Chappell Music, EMI Music and Blue Note Records over the past 20 years.
At Warner Chappell, as EVP, he worked closely with the team to develop the company’s strategy and led business and process initiatives worldwide.
As GM of Blue Note, he is said to have played a central role in reviving the label in partnership with its president, Don Was. Forsyth previously spent more than 10 years at EMI Group and EMI Music Publishing in operations and strategy.
He began his career as an equity analyst at Salomon Brothers and Donaldson, Lufkin & Jenrette in New York and London.
Dan McCarroll, meanwhile, has served as President of Warner Brothers Records and Capitol Records, and has held executive positions at Amazon Music and EMI Music Publishing.
Prior to his managerial career, he spent 20 years as a touring and studio musician.
He has worked closely with artists over the years including Bo Diddly, Katy Perry, Tom Petty, Keith Urban, Dua Lipa, Duran Duran, Elton John, Ciara, Sheryl Crow, Mac Miller, Andra Day, Lloyd Cole, and Sam Smith Stevie Nicks, Gary Clark Jr and Brian Wilson.
Monti Olson has been President of Litmus Music since August.
Olson was most recently executive vice president/head of BMG Music Rights Music Publishing North America, where, according to the announcement of his appointment, he “led the domestic music market division and was responsible for the development and execution of its growth strategy and frontline/catalogue acquisition strategy and execution”.
He was also previously Senior VP of A&R at Warner Bros. Records, EVP/Co-CEO of A&R at Universal Music Publishing Group, and Senior VP/Co-CEO of A&R at BMG Music Publishing.
He is also a co-founder of vinyl reissue company Original Recordings Group.
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https://www.musicbusinessworldwide.com/keith-urban-sells-recordings-catalog-to-500m-backed-litmus-music/ Keith Urban sells catalog of recordings to $500 million Litmus Music