Information  X 
Enter a valid email address

Chrysalis PLC (CHS)

  Print      Mail a friend

Monday 29 June, 2009

Chrysalis PLC

Acquisition of the Richard Ma

RNS Number : 6480U
Chrysalis PLC
29 June 2009
 



29 June 2009


Chrysalis Plc

Acquisition of the Richard Marx catalogue



Chrysalis ("Plc Chrysalis" or "the Company"), the leading independent music publisher, is pleased to announce that it has completed the purchase from Richard Marx of his catalogue for an acquisition consideration of $7.5 million, payable in cash with a deferred consideration of $0.5 million based upon future NPS targets over the next five years. The transaction is being funded through existing banking facilities. 


The catalogue, which includes well-known classic songs including "Right Here Waiting," "Hazard," "Endless Summer Nights", "Now and Forever" and "Dance With My Father", will provide a valuable addition to Chrysalis's existing catalogue of over 65,000 copyrights. In addition to selling over 30 million records as a recording artist he has written 37 Top 30 hits, including 13 US No.1s. Richard continues to tour throughout the world and plans to release three new albums this year, including "Duo", a collaboration with Vertical Horizon's Matt Scannell.


The acquisition price represents a multiple of just below 10 times on the average Net Publishers Share ("NPS") for the last five years. The latest NPS figure was $0.8m for 2008, which has also been the average for the last five years. Acquiring the Richard Marx catalogue is consistent with Chrysalis's strategy of combining successful A&R and rights management activities with selective catalogue acquisitions.


Chris Wright, Chairman Chrysalis Plc said "I'm absolutely delighted that we've been able to agree terms with Richard and his advisors to take over the representation of this fabulous catalogue of great songs written by one of the world's outstanding songwriters. I've been familiar with Richard's career from the time of his enormous success in the late 1980s. The songs he wrote in that period are timeless and the fact that he has continued to write great songs ever since speaks volumes for his creative ability. Everyone at Chrysalis looks forward to being associated with both the songs and Richard for many years to come.


This acquisition represents the latest step in our strategy to grow our high quality portfolio of music publishing rights. We continue to review other similar opportunities to build our NPS."




Enquiries:




Chrysalis PLC

Jeremy Lascelles, 

Group Chief Executive

020 7465 6170 


Andy Mollett

Group Finance Director

020 7465 6321 





Financial Dynamics

Charlie Palmer


020 7831 3113



This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
ACQIIFEERLIAFIA