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When Adele dropped “Easy On Me” — the lead single from her upcoming fourth album 30 — she had one of her “best friends in the world” in her corner: Drake.
The superstar rapper took to his Instagram Story on Thursday (Oct. 14) to tell fans what they likely already knew: Adele had just released a new song, her first new music since 2015’s blockbuster 25 album.
“One of my best friends in the world just dropped a single,” Drake wrote with a smiley emoji, tagging Adele and finishing the message up with, “WOIIIIIII.”
Adele and Drake’s friendship has been well-documented over the past few years, with the British singer attending the rapper’s birthday party in 2019 and later sending him b-day wishes via Instagram: “Happy birthday to one of the kindest and funniest people I’ve met @champagnepapi.” She also told fans during her surprise Instagram Live session over this past weekend that Drake’s Certified Lover Boy is her favorite album of 2021. Maybe he’ll return the favor when 30 is released on Nov. 19.
Adele’s last three albums — 19, 21 and 25 — have all reached the top five on the Billboard 200, with the latter two hitting No. 1. Her last album, 25, spent a staggering 10 weeks at No. 1 on the Billboard 200 and earned the album of the year Grammy, selling 3.38 million copies in its debut week — the biggest sales week for an album since MRC Data began tracking point-of-sale purchases in 1991.
See Drake’s Instagram Story post and listen to “Easy On Me” below:
Lyric Capital Group, owner of Spirit Music Group, has once again reinvented its capital structure with a $500 million investment. The influx comes from a group led by Toronto-based investment management firm Northleaf Capital Partners and includes Caisse de dépôt et placement du Québec (CDPQ) as a significant co-investor.
Specific terms of the deal, which is described as a “strategic alliance” were not disclosed except to say that Northleaf and its investors will hold an unspecified interest in “certain music royalty catalogs managed by Lyric Capital Group.”
In early 2019, the then-newly created Lyric Capital Group — led by managing partner Jon Singer, who also serves as chairman of the Spirit Music Group, and Lyric Capital Group partner Ross Cameron — led a recapitalization of Spirit Music, bringing in some $350 million. That consisted of about at least $280 million in equity by the Morgan Stanley Alternative Investment Partners and an undisclosed amount of debt from Sun Trust Bank, now known as Truist, and Pinnacle Bank.
That 2019 deal took out Spirit Music majority owner Pegasus Capital Advisors and retired about $50 million in debt from the Fortress Credit Corp. Now, a company spokesman confirms that the latest deal takes out Morgan Stanley from the ownership picture.
In the prior 2019 deal, the catalogs carried a $280 million valuation, sources then told Billboard. It’s unknown what valuation this deal comes in at.
Looking ahead, the 25-year-old Spirit Music Group can now continue to build upon its already impressive legacy of evergreen copyrights and present day hit songs, the company said in a statement.
“From day one, Spirit has stayed committed to providing unparalleled service to our songwriters and business partners and we’re proud that the health of our company reflects that promise today,” said Singer in a statement. “This strategic alliance allows us to continue to anticipate our clients’ needs in a constantly evolving market and accelerate our growth strategy of investing in iconic catalogs, elevating new music and serving the needs of the songwriters who entrust us with their life’s work. We are excited to have Northleaf on board who share our vision.”
Spirit claims that its combined catalog now totals over 100,000 songs, including more than 800 hits and includes songs by Pete Townshend, T. Rex, James William Guercio, Graham Nash, Henry Mancini, Marilyn and Alan Bergman, among others.
“Northleaf is the right long-term strategic partner for us as they bring strong creative sensibilities and private markets expertise as well as access to flexible capital to support our growth strategies within the music royalty space,” Cameron said in a statement.
Other songs in the Spirit catalog include works from such songwriters as Billy Squier, Charles Mingus, Doc Pomus, Lou Christie, Louden Wainwright III, Marshall Tucker Band, Phil Coulter, Boz Scaggs, T Bone Burnett, Frank Rogers, Gregg Wattenberg, David Paich, Tim Hardin, Richie Cordell, Jonny Coffer, Zach Crowell, Rami Dawod and James Bay.
“Our collaboration represents a compelling opportunity in the music royalty space alongside a best-in-class operator,” Northleaf MD Michael Morris said in a statement. “This is a rapidly growing and uncorrelated asset class that provides our investors with predictable and growing cash flows.”
Spirit Music also represents such recent tunes as Luke Bryan’s “Waves,” Lainey Wilson’s “Things A Man Oughta Know,” Thomas Rhett’s “Country Again,” Scott McReery’s “You Time,” Drake’s “Way 2 Sexy” and Champagne Poetry.”
“We look forward to supporting the growth of this mature and diverse song catalog of evergreen copyrights,” Northleaf MD Matthew Sparks added in a statement. “Northleaf will continue to expand our music royalty portfolio by adding attractive assets with strong potential, building on our strategic approach and ability to provide flexible capital to support ongoing growth.”
Besides songs, the Spirit Music catalog also owns stakes in masters and some artist royalties, including records by T. Rex, Ingred Michaelson and a stake in some of Tim McGraw’s masters.
“We are pleased to invest alongside Northleaf in a diversified music royalties portfolio composed of firmly established assets under the solid management of Lyric,” CDPQ executive vp and head of private equity and capital solutions Martin Laquerre said in a statement. “This first investment in music royalties under our Capital Solutions strategy will leverage the sector’s positive long-term trends and provide stable cash flows and attractive capital protection for our clients.”
The deal shortly follows Tuesday’s announcement of Blackstone’s new $1 billion partnership with Merck Mercuriadis to acquire music rights and manage catalogs in tandem with Hipgnosis Song Management. Last week Billboard broke news that Kobalt was seeking a $1 billion buyer Kobalt Music Royalty Fund II, possibly with a group of investors that includes private equity firm KKR, and Sherrese Clarke Soares announced her new investment firm HarbourView Equity Partners that’s backed by a reported $1 billion from Apollo Global Management.
Northleaf’s financial advisors for the transaction were Artisan Partners, FTI Consulting and GreensLedge, with KPMG serving as structuring and tax advisor while Latham & Watkins LLP and Torys LLP filled the role of legal advisors. Lyric Capital Group’s exclusive financial advisor and placement agent was Eaton Partners, a wholly owned subsidiary of Stifel Financial Corp. Other advisors to Lyric on the deal included Ropes & Gray’ Barnes & Thornburg, Akin Gump and KPMG.
ASM Global is launching a new corporate social responsibility platform announced Thursday (Oct. 14) that’s aimed at combating climate change and helping to diversify the live entertainment industry.
The new program, dubbed ASM Global Acts, intends to elevate the entertainment giant’s commitment to protect the environment, invest in people and strengthen communities around the globe, the company says.
ASM Global was formed in 2019 as a merger between AEG Facilities and SMG, combining management for 300 venues to create the world’s largest venue management firm.
“ASM Global operates hundreds of stadiums, convention centers and arenas around the globe, which boost local economies, employ area residents and provide meaningful opportunities for the communities we call home,” said ASM Global CEO and president Ron Bension in a release. “We will immediately launch this initiative at our Pennsylvania Convention Center, Chicago’s McCormick Place, California’s Long Beach Convention and Entertainment Center, Ontario Convention Center, and Toyota Arena; but we plan to implement ASM Global Acts at every venue we have under our guidance as we roll it out in 2022. The ASM Global Acts Foundation and Scholarship further strengthens our philanthropic efforts and solidifies our intention to make a difference in the communities where we do business.”
The platform will protect the environment through reducing waste from guests at its venues, enhance facility efficiency through capital investments, and protect and preserve resources in and around the communities they serve. Communities impacted by ASM Global will also see an increase in philanthropic support and an enhanced focus on the health and well-being of staff, clients and guests.
ASM Global Act has also pledged to diversify its workforce, while creating an environment of inclusion. The company says it will establish annual targets that measure impact and progress to achieving the commitments. ASM Global Act’s efforts will closely align with many of the United Nations’ Sustainable Development Goals.
“Whether you are a performer on our stages, a technician, hospitality team member or visitor to our venue, we all have the ability to work together and harness our collective action to make the world a better place,” Bension said. “Our ASM Global Acts initiative is inspired by this idea of action and brings to life our dedication to making a meaningful difference in our communities and beyond.”
Under the new initiative, ASM Global will launch the ASM Global Acts Foundation to support philanthropic and community-based endeavors guided by its sustainability and diversity pillars. The ASM Global Acts Scholarship will focus on serving diverse and under-resourced communities with educational and career-development opportunities.
Megan Thee Stallion is many things: multi-platinum rapper, culture mover, outspoken activist and now… Popeyes franchisee.
Announced Thursday (Oct. 14), the “WAP” superstar has signed a wide-ranging deal with the global fast-food company that includes her very own Popeyes restaurants, a new hot sauce (Megan Thee Stallion Hottie Sauce) and co-branded merchandise. As part of the agreement, the rapper also will be making, in tandem with Popeyes, a six-figure donation to Houston Acts of Kindness, a charity “whose mission is to promote empathy and compassion while encouraging selfless concern for the welfare of others in the Houston community.”
Starting Oct. 19, Megan Thee Stallion Hottie Sauce will be available in the U.S. and 14 other countries across the globe, both as an add-on to Popeye’s original chicken sandwich or as a standalone dipping sauce for its chicken nuggets. This will mark the first time the fast-food chain has released a new variation on its chicken sandwich.
The hot sauce — created in a collaboration between Megan Thee Stallion and the Popeyes culinary team — is described as having “a sweet, yet bold flavor with a hint of spice, inspired by Megan’s sassy personality,” according to a press release, which adds that the sauce is made with honey, cider vinegar and Aleppo pepper. U.S.-based Popeyes Rewards members will earn 100 bonus points when they order any eligible Megan Thee Stallion Hottie Sauce menu item on the Popeyes app or online, while supplies last.
Also dropping on Tuesday at 12 p.m. EST is the first of three exclusive co-branded merch collections, Thee Heat, which will be available at TheeHottieSauce.com. The collection includes bikinis, long-sleeve shirts, hats, tumblers and Popeyes chicken tenders plush dog toys. Current Popeyes Rewards members and anyone who enrolls in the program before Monday (Oct. 18) will receive exclusive information and early access to the limited-edition drop. Fans can sign up at TheeHottieSauce.com to receive updates on the two additional merch collections, which are slated to go on sale next month. All three collections were developed in tandem with creative agency Harper & Scott.
Popeyes has not yet announced where Megan Thee Stallion’s new restaurants will be located, though her hometown of Houston seems a safe bet. The release notes only that she has been “approved” to become an owner. In a statement, Popeyes Americas president Sami Siddiqui said the company “look[s] forward to working closely” with Megan Thee Stallion “over many years as she begins her journey as a restaurateur.”
With its franchisee element, the Megan Thee Stallion’s Popeyes partnership seems to be the most involved and long-term of any recent celebrity-fast food deal, which have grown in frequency over the past couple years. Last year McDonald’s began recruiting a new crop of A-list talent to promote its restaurants, including Travis Scott in September 2020, J Balvin in October 2020, BTS in May and Saweetie in August for its much-hyped “famous order” campaigns, some of which also included limited-edition merch items for fans. Last October, The Wall Street Journal reported that sales at McDonald’s Corp. rose 4.6% in July, August and September — a spike McDonald’s credited to its Travis Scott collaboration. Forbes later estimated that Scott pulled a cool $5 million-plus from the endorsement and another $15 million from merchandise sales.
Burger King also struck similar deals last year with Nelly, Anitta and Lil Huddy, while Taco Bell made a big splash in August when it named Lil Nas X its honorary “chief impact officer” in a wide-ranging campaign tied to the release of the singer’s first full-length studio album, Montero.
To celebrate the new partnership, the fast-food chain and Megan Thee Stallion created a video teaser that can be viewed below. The Western-inspired video features Megan along with her alter-ego, Tina Snow, who forces the rapper to give chase after making off with her hottie sauce. The full clip will feature an appearance by Megan’s French bulldog 4oe as well as nail art by Coca Michelle, costumes by Zerina Akers and visual effects, created by McFlyy, which pay tribute to Megan’s well-documented love of anime.
“I’m appreciative of Popeyes commitment to empowering Black women and look forward to opening Popeyes Restaurants,” said Megan Thee Stallion in a statement. “Teaming up with Popeyes is such a milestone in my journey and evolution as an entrepreneur. I’ve always been a fan of the Popeyes brand and I’m thrilled to have the opportunity to join the brand and help create the new Megan Thee Stallion Hottie Sauce for their line-up.”
Moments after Adele dropped her new single “Easy On Me,” alongside a music video, social media was left trembling in the wake of the British singer-songwriter’s evolution and growth.
In the piano ballad, which was released Thursday evening (Oct. 14) via Columbia Records ahead of her fourth studio album 30, Adele opens up about how her ruined marriage stems from her challenging childhood.
The accompanying music video first appeared in black-and-white, showing Adele walking and talking on the phone despite not having cell reception and eventually driving away from an empty house with a “Sold” sign in the front yard, scenes that fans have picked up on from her 2015 “Hello” music video. But toward the end of the visual, Adele blows them away, like the loose sheet music swirling around her, when she transforms in full technicolor. And the transition has left most viewers speechless and in tears.
See the best reactions to Adele’s grand return with “Easy On Me” below.
