Alex Van Halen hopes that those coming to his new memoir, Brothers, for a tell-all will be disappointed.

“It’s not about the dirt,” Van Halen, older brother and bandmate of the late Eddie Van Halen, tells Billboard. “If I start throwing dirt, it’ll never end. I think some people would like that; that’s how projects are sold nowadays. I think it divides the audience, and we’re not here to divide. I think the tone of the book and how I want the book to be perceived is more on a spiritual and creative level. That’s why there’s very little, or any, dirt in there.

“The majority of things that were written about Ed were third party,” he continues. “They weren’t really there. I’m not degrading any of it, but it’s not accurate. I really felt like a lot of the stuff that was out there was incorrect, and it didn’t do justice to the more sensitive side of Ed. So before I die I would like to at least partially set the record straight.”

Brothers, publishing Oct. 22 and written with New Yorker staff writer Ariel Levy, acknowledges the sex and drugs and rock n’ roll. But as the title indicates it’s primarily a chronicle of the drummer’s relationship with his guitar hero brother, who passed way during Oct. 2020 at the age of 65 after a long battle with cancer. The tome is undeniably emotional, with some passages written directly to his late brother. Van Halen acknowledges that the process “really took its toll on me.”

“You have to remember we were together for 65 years; that’s a lifetime, if not more,” explains Van Halen, who was born in Amsterdam and came to the United States with his family in 1962, eventually settling in Pasadena, Calif., where the Van Halen band was formed in 1974. “(Brothers) not only forced me to look at everything Ed and I had done in our lifetime, but also — and I should thank Ed for this — it forced me to look at me. What are my motivations? Why am I really doing this? Who does anybody do this? It took me a lot of places…very heavy.”

Throughout Brothers’ 231 pages, Van Halen discloses the tight bond between him and Eddie, personally and musically — and presents the connection between those two as one and the same thing. Van Halen offers a detailed account of the entire family dynamics, too, from the influence of their father, Jan, a jazz musician, and their more strict Dutch East Indies-born mother Eugenia, and the impact of immigrating to America and being treated as outsiders. The passion for music came early and was a constant, of course, and one can read in Brothers a kind of mission on Van Halen’s part to offer a more expansive and sophisticated view of his brother’s talents.

“There was more going on than most people recognize or realize, and it’s not our job to ‘teach’ people,” explains Van Halen, who also makes use in the book of a variety of other sources, including published interviews with his brother, books by original frontman David Lee Roth and producer Ted Templeman, and philosophers such as Friedrich Nietzsche. The brothers, who first learned to play piano, actually started out on each other’s instruments before switching as teenagers. “When Ed picked (the guitar) up he could make it sing. It was amazing. That sound, that intonation was phenomenal. You couldn’t express it in words. Everybody gets blinded by the fact Ed was such a phenomenal player (that) you’re not even understanding who the human being was. Maybe people don’t care, but I care. He’s my brother.”

Brothers of a Band

Writing about Van Halen the rock band in Brothers, Van Halen says that “me, Ed and Dave were very subversive in the way we looked at music and the political system and the way we looked at people in general…The band was dysfunctional. It was completely running on three wheels, if you will. I think Ed was quoted as saying ‘but we always played well,’ and that was ultimately what kept it together until it was no longer together. It was a very sad moment when that whole thing fell apart.” Van Halen, in fact, writes in Brothers that Van Halen’s 1985 split with Roth “was the most disappointing thing I’d experienced in my life, the thing that seemed the most wasteful and unjust. Until I lost my brother.”

Despite the acknowledged rancor with Roth over the years – and blaming Roth for the failure of a planned Eddie Van Halen tribute tour — Van Halen maintains that “I’m not angry at all with Dave. He was one of the three main components of the band. At the time we didn’t recognize it because we were constantly battling things out. That’s why I mentioned (in the book) that the first person I called when Ed died was Dave because I felt like I owed him that, to the work we had done together and the fact that our families knew each other and the fact that everybody was sort of on the same level, if you will, when we first started. I don’t know where things went wrong…I have nothing but the utmost respect for Dave and his work ethic. I just think some of his choices were really strange to me, but that’s not my job to figure it out.”

Other than his brother’s death, Van Halen chose to stop the story with the Roth split, leaving out subsequent runs with Sammy Hagar and Gary Cherone and even the reunion with Roth that started in 2007. (Roth and Hagar both wrote memoirs after their respective tenures with the band.) Van Halen cites “limitations to how big the book could be” but also says it the scope of the narrative made sense to him.

“What happened after Dave left is not the same band,” Van Halen explains. “I’m not saying it was better or worse or any of that. The fact is Ed and I did our best work whenever we played. We always gave it our best shot. But the magic was in the first years, when we didn’t know what we were doing, when we were willing to try anything.” Not surprisingly, Van Halen was not responsive, either, when Hagar and bassist Michael Anthony reached out about him taking part in some way in their Best of All Worlds tour celebrating Van Halen.

“I’m not interested,” he says. “They’re not doing the band justice. They can do what they want to do. That’s not my business.”

Everybody Wants Some

Van Halen does add, however, that his auction of drum equipment and other items in June “was misinterpreted” and simply clearing out a warehouse of gear that wasn’t being used.

“I’m not quitting. I don’t know where that came from,” Van Halen says. “I’ll die with sticks in my hand.” Spinal issues he’s been battling for decades are still present, he adds, including a recent injury during a trip to a shooting range in 2022. “But with modern technology we have now I should be OK in about five years,” he says.

Despite rumors of what the Van Halens were up to between the last tour with Roth (in 2015) and Eddie’s death, Alex maintains there was little to report. “We never really talked about it,” he says. “We prefer that things just happen by some kind of magic. The issue was Ed had been dealing with cancer for quite a number of years, and some of the stuff that he was doing out of the normal procedures, if you will, had side effects. Some of the stuff that was being said about Ed was completely wrong, and it was painful…. He was fighting cancer. It’s as simple as that.”

Fans are certainly excited about the presence of a new instrumental track, “Unfinished,” that’s part of the audio version of Brothers. It hails from a trove of ideas the brothers recorded at Eddie’s 5150 studio and stashed away, and Alex anticipates releasing more of that material “when it feels right.”

“I’m not in a hurry,” he says. “I do have a certain obligation to keep it to Ed’s standards. He was meticulous and he was a pain in the ass…and I need to have access to the right takes, ’cause not every day did we play at our best. But we always had the tape recorders running. We didn’t go in the studio like, ‘Yeah, we’re gonna make a record from beginning to end.’ We had little pieces here, little pieces there, you put ’em away until the time comes and you go, ‘Hey, I think I like that piece…’ and then go back to it and build something from there.” He told Rolling Stone that he’s approached OpenAI about using its technology to help turn some of the material into songs.

“I know people want to hear it,” Van Halen adds, before cautioning that, “the other side of the coin is this doesn’t sound like Van Halen. You’re damned if you do, damned if you don’t.” He says that for future releases he’s also “looking forward to getting some people involved…other musicians and producers. You have to have the right team, because not everybody can do everything. So we’ll see.”

For the time being Van Halen is focused on promoting Brothers, which he’d also like to turn into a movie — though he notes that, “I learned a long time ago not to put your hope in things that don’t exist yet. I know people who would be willing to participate, but it’s a very complex fabric of things that need to happen.” Meanwhile Van Halen has three book events lined up — signings at Barnes & Noble in New York on Oct. 21 and at Books & Greetings in Northvale, N.J., the following day, and a live conversation on Oct. 24 at the Frost Auditorium in Culver City, Calif.

“People can ask whatever they like — that’s their prerogative,” Van Halen says. “It’s my prerogative to answer. Or not answer.”

One thing Van Halen will make clear, however, is that his brother is still a strong presence in his life.

“He’s not gone for me,” Van Halen says, citing the “island voodoo” of their mother’s upbringing and the Spooky Action at a Distance concept of quantum physics. “He’s still there. His spirit’s here, and it’s not something you can grab or touch. There’s something between us that’s just connected on a level that is beyond explanation. Scientists will tell you that you cannot destroy energy, it just takes different shapes, and that’s kind of how it is for me with Ed.

“I really had a tough time when Ed passed — full of rage, for a number of reasons. I heard this thing by Billy Bob Thornton; he just said basically when his brother died he didn’t know how to deal with it, and he basically said that you’re not running away from the fact that you’re not together anymore. You accept it for what it is and then the pain will slowly diminish, but it’ll never go away. That’s why i said (in the book), ‘When I see you again, I’m gonna kick yo’ ass…’”

Marc Anthony endorsed Kamala Harris for president in a new ad, and slammed Republican candidate Donald Trump in that same message. The endorsement was revealed on Friday (Oct. 18), just three weeks away from the Nov. 5 presidential election, considered one of the most consequential elections in recent memory.

In the video, the Puerto Rican artist (who was born in New York) explains why he’s supporting Vice President Harris. “This election goes way beyond political parties. Let’s remember what the United States represents and stands for: UNITED,” he reminds viewers. “That’s why I support Kamala Harris for president.”

This ad, titled “Recuerdo,” is part of the Harris campaign’s $370 million investment in television and digital reservations until Election Day. The video will air nationally on Telemundo during Sunday’s coverage of the 2024 Billboard Latin Music Awards and in Pennsylvania on Telemundo, Univision and WAPA TV, and will have an “emphasis on high-viewership events and shows including high-ranked telenovelas and a variety of shows,” according to a press release.

In the ad, Marc Anthony explains that another Trump presidency would be “divisive,” and reminds viewers the way the former president handled Hurricane Maria, which pummeled Puerto Rico in 2017. “Even though some have forgotten, I remember what it was like when Donald Trump was president. I remember what he did and said about Puerto Rico, about our people. I remember after Hurricane Maria devastated our island, Trump blocked billions in relief while thousands died. I remember when our families lacked clean water and electricity, Trump threw paper towels and called Puerto Rico ‘dirty and poor,’” he says. “I was not surprised. Because I also remember he launched his campaign by calling Latinos ‘criminals’ and ‘rapists.’ He told us what he’ll do. He’ll separate children from their families, and threaten to use the Army to do it.”

Marc Anthony is among a number of Latin artists — including Maná, Eden Muñoz and Chiquis — who’ve slammed Trump’s anti-immigrant rhetoric. Meanwhile, urbano acts such as Anuel AA, J Quiles and Nicky Jam have publicly announced their support for Trump.

Watch Marc Anthony’s ad endorsing Kamala Harris below:

From In the Heights to Hamilton, New York City – with its frenetic pulse and intoxicating contradictions – has been an intrinsic part of Lin-Manuel Miranda’s artistic palette. Even so, the EGT-winning musical mastermind is likely to confound more than a few fans with his and Eisa Davis’ new project: Warriors, a narrative concept album based on the 1979 cult film The Warriors.

For those who do not reflexively think “come out to play” when they hear bottles clinking, The Warriors is about a Coney Island street gang forced to traverse the city after dark while a gaggle of gangs — each one sporting a distinct fashion aesthetic, from goth baseball to silken Harlem Renaissance — tries to murder them as revenge for an assassination they’re falsely accused of. It’s the violent, stylish stuff of midnight movie legend, and despite Miranda’s affinity for NYC-based tales, a surprising choice for a guy who was recently penning smashes for Disney.

With Warriors out Friday (Oct. 18) on Atlantic, Lin-Manuel Miranda and Eisa Davis (a playwright/actress who appeared in Miranda’s 2021 film Tick, Tick… Boom!), hopped on the phone with Billboard to discuss the inspiration behind their gender-flipped take on the subject matter, how they landed hip-hop royalty (Nas, Busta Rhymes, Ms. Lauryn Hill, Cam’ron, Ghostface Killah and RZA) for the project and what might be next for their Warriors.

Lin — at a preview listening session, you mentioned that about 15 years ago, someone pitched the idea of a Warriors musical to you. You summarily shot it down but kept mulling it over. What was the “aha” moment where you had a breakthrough?

Miranda: That friend, Phil Westgren, approached me in 2009, and the bulk of my thinking why it couldn’t work is, “Well, it’s an action movie.” Action movies and musicals are always fighting for the sale real estate: When you can’t talk anymore — the emotion is heightened — you fight and/or sing. So doing it as a concept album first freed us from that. It allowed us to score the moment. We approached that in different ways throughout the album. Sometimes we dilated a moment of action, sometimes it’s a montage and you hear sound effects and by the end the Warriors are victorious. (laughs) The other thing that made it compelling to write was flipping the gender of the Warriors as a female gang. I had that notion in response to seeing GamerGate happen online around 2015. These toxically online men doxxing women’s home addresses, the chaos of it struck me as a very Luther thing to do. Luther shoots Cyrus, blames the Warriors and then watches the fun unfold. It seemed to be the same malignant chaos. That thought led me to thinking of the Warriors as a female gang and suddenly it got really interesting to write. Every plot point is wrinkled or changed in some fundamental way. I got excited by the notion of writing women’s voices surviving the night.

Eisa, unlike Lin, you said The Warriors was not part of your childhood. What was it that made you think, “I get it, I have something to say here”?

Davis: Number one: Lin asked me. Number two: Because they’re women, I thought, this is really exciting to look at the wrinkles and search for the ways that this is a specifically femme story. What is it that I’ve experienced on the streets of New York at night, or what is it that I want when it comes to protection and having a crew? We based the album on the movie; the movie is based on the novel; the novel was based on a Greek narrative from 400 B.C. Obviously, it has staying power and good bones. There’s something intrinsically human to the various responses to violence and adversity and loss that are in this story. One is that you can try and take revenge and continue the cycle of violence. Another thing the Warriors do is they defend themselves against the injustice of being falsely accused and develop more courage. Another response is to try and end that cycle of violence, try to create a peace not only in yourselves but the communities around you. All of those human responses being baked into the story, it has something very compelling to everyone.

What you said about GamerGate is interesting. Similar to the misogynist response to the 2016 Ghostbusters movie, do you think some perpetually online bros will get upset about the Warriors’ gender swap?

Miranda: Maybe. Probably. I know none of those people have seen this movie more than I have, and in many ways it’s a love letter to that original movie, too. I don’t think a beat-for-beat recreation of the movie would be satisfying. I’ve seen those adaptations, they’re not satisfying: You’re just waiting for the moment that you liked in the [original] movie. I think of this as a love letter to the original film and its own thing that could not be confused for the original film. To me, it’s the best of both worlds.

You really scored a murderer’s row of rappers to represent each borough: Nas, Cam’ron, Busta Rhymes, RZA, Ghostface Killah and Chris Rivers (Big Pun’s son). What was it like giving feedback to these legends? Lin, you’re a genius in your own right, but was that intimidating?

Davis: That’s such a great question because, of course, the only reason this murderer’s row, as you put it, are even on this album is because they already respect Lin and what he has accomplished. So everyone was on board and ready to do this. It was written for all of these rappers and what their rhythms are, but it was a question of, “Are they able to say someone else’s lines?” That’s a big deal.

Miranda: They’re used to writing their own features.

Davis: And have pride in never being ghostwritten.

Miranda: The shift was, “You’re not playing yourself. You’re playing the Bronx. You are the voice of Staten Island or the voice of Manhattan.” It’s having them playing these roles but bring what we love about them as emcees to the table.

The Warriors film is known for its violence and grit, things not usually associated with musicals. How did you go about ensuring there was a sense of danger on the album?

Miranda: It was freeing doing this as an album. Our job is to paint it as vividly as possible musically, to paint those slick sidewalk streets in your mind. To that end, we got the best artists we could find. We even got Foley artists to create some of the soundscapes of the subway and the city on top of these songs we’d written.

Davis: That really helped with creating that grit you’re talking about.

Miranda: The job is to create the sickest movie in your head possible. It’s also 1979 shot through 2024. I remember recording the scene where Luther calls an unknown associate and gives them a status update and someone said, “I don’t think young people know what a rotary phone sounds like anymore.”

Davis: That someone was Lin’s wife, Vanessa. (Miranda laughs) What we had to do was make sure we baked into the dialogue that this is a phone call, so people who had no idea what these sounds were would know. To make sure we didn’t have what you would call a pat musical theater score, something more cliché, one of the first things we did was make each other playlists and say, “This is an idea for this particular gang, they might have this particular sound.” Maybe there’s more of this Jamaican patois in the DJ so we have the Jamaican roots of hip-hop represented. Maybe we have this really amazing beat that can add this ballroom culture and have this queer, trans [vibe]. We were going for all of these vibes that would be legitimate for a pop listener.

As you’re saying, there are so many different musical styles on Warriors. Which was the hardest to get right, and which was the most fun to play with?

Miranda: They were all fun. The most joyous probably was going down to Miami to record with Marc Anthony and his orchestra. It would not sound as good as it does if we had not gone down to where Marc plays. We came in with a fully finished demo but by the time Marc is translating it to his orchestra with Sergio [George], his righthand man, he found another level of authenticity. Writing all of these was enormous fun. I think the one people will be most surprised by, considering what they’ve heard of my work, is our metal song, “Going Down,” with Luther. But I’m a big metal fan. The challenge was not so much writing the song and not blowing my voice out on my demo — because I don’t have a screamo voice — but finding the person to play Luther. My metal gods are all my age or older. (Davis laughs) We went to Atlantic and said, “Who is the next great metal singer we don’t even know about yet?” And I think Kim Dracula is one of the great discoveries of this album. Everyone who listens to this leaves going, “Who the f–k was that? And how can I hear more of that?” That was an exciting discovery.

Davis: Like Lin said, everything was so fun. It was wonderful to spend a week and a half with our Warriors, because they’re such dear friends, and hearing this gel together and sing was something only they could do. Another thing that was so joyful was to be with Mike Elizondo, our producer, at his studio, and being able to work with his band. What was challenging for me, as someone who does not have the same experience and Lin and Mike, was making sure the ideas of everything I heard was something I could articulate and share with all of our artists. Everything was so clear in how I could hear it, but how could I share how to get there? I had a nice learning curve.

I love that you flipped the Lizzies into the Bizzies, a boy band. Did you use any particular boy bands as sonic touchstones for that?

Miranda: We wanted to do the boy band to end all boy bands. The Voltron of boy bands, if you will. The Megazord. We wanted to connect New Edition all the way to Stray Kids and back again. You have Stephen Sanchez holding down the gorgeous falsetto crooner at the top; you have Joshua Henry holding down the soulful Boyz II Men era vocals; you have Timothy Hughes holding down the bass; and then Daniel Jikal representing the new school of hip-hop.

I love that you included K-pop boy band music on this, because that is the new school.

Davis: That was a flash of genius on Lin’s part. Of course, he doesn’t speak Korean….

Miranda: (laughs) How dare you tell them that!

Davis: We went to Helen Park, who is an incredible composer, and she dropped that instantaneously.

How much direction did you give her?

Miranda: We painted the picture for her: This needs to be the come on to end all come-ons, but then at the end, you sneak in the phrase “you killed our hope.” The folks who speak Korean will have a head start on how nefarious this gang is.

Ms. Lauryn Hill portrays the DJ on this, which is wildly impressive. At what point in the process did she enter?

Miranda: It was the first song we wrote. We had no plan B. We wrote it to Lauryn Hill’s voice. Essentially, we sent her manager a love letter from me and Eisa, the track and some test vocals for her to fill in however she pleased. And we stayed in touch. I learned from her manager she was an admirer of Hamilton. That kept the door from being all the way shut.

Davis: And then we prayed.

Miranda: And then a lot of prayer until one day the Dropbox came and it had all the vocals. It was so much better than we even imagined. The fact that she trusted us and sang the song we wrote will always be among the greatest honors of our careers, but then added so much of herself to it, added background vocals. She’s a co-producer on that track and she earned every bit of it.

I know you said making this a recording allowed you a certain freedom, but are you considering a staging?

Miranda: Yeah. It was an enormous privilege to be able to write it this way. This caliber of world-class talent, it’s hard to get them in the same room at the same time much less on a stage eight times a week. The fact that we get these fingerprints on these roles is incredible. And you’re talking to two theater artists. Of course, we’d love to imagine continuing to work together and what the next incarnation could be, but what we really love is that everyone gets the thing we made on Friday. It’s not a recording of the thing we made that you have to be in New York to see. Everyone gets it at the same time. As someone who lived through both Hamilton cast album going around the world and the relative inaccessibility of Hamilton because we could only serve 1400 people at a time, it’s enormously gratifying to give everyone the same gift at the same time.

Davis: If there’s a show, it’s a discrete thing. The album is its own thing and if we have a show, it’s its own thing. It’s another level of adaptation, just like we adapted the film. This is its own thing.

Final question for you both. In the movie, which is your favorite gang and why? And you can’t say the Warriors.

Davis: What’s the gang that puts their tokens in?

Miranda: (Laughs, coughs) In the opening montage, there is one gang that’s very courteously [entering the subway] like they’re on a school trip.

Davis: They’re like, “We’re going to uphold the social compact on the way to a meeting of gangs across the city.”

Miranda: My favorite gang is the Turnbull AC’s. The Turnbull AC’s walk to a Mad Max: Fury Road vibe. And a converted school bus of bats and chains is the most terrifying, awesomest thing.

Indie music giant Concord said on Friday it has acquired parts of the music publishing and recorded music catalog of reggaetón superstar Daddy Yankee.

The deal encompasses certain rights to Daddy Yankee songs including “Con Calma,” his rights as a featured artist on “Despacito” and “Gasolina,” whose “unforgettable hook” and “revolutionary” beat landed it in Billboard’s Top 50 Latin songs of all time. The deal also includes certain name, image and likeness rights, according to a press release from Concord.

Concord declined to comment on price. However, earlier this month in a KBRA report about Concord’s asset backed security, the bond rating agency wrote that Concord acquired the catalog of “a highly successful Latin Music artist and songwriter” in 2024 and that those works were valued at $217.3 million.

How much does Daddy Yankee stand to benefit from the deal? The Latin hitmaker, whose Barrio Fino was the first reggaetón album to debut at No. 1 on Billboard’s Top Latin Albums chart in 2004, sold this portion of his catalog several years ago to a fund that asked not to be named. That fund sold the assets to Concord, so the artist will not get a cut of this sale of his works.

But Billboard reported in July that Daddy Yankee still owns part of his publishing catalog, which is administered worldwide by Sony Music Publishing and partly by Spirit Music in the United States. From 2021 to 2023, Daddy Yankee’s works averaged 375,333 album consumption units, with 346,000 album consumption units so far this year, according to Luminate.

CRAZY FOR CATALOGS

Catalogs are an important revenue driver for Concord, and the company’s CEO Bob Valentine said this week that through various marketing, distribution, film and commercial licensing agreements, the company regularly generates 5-15% more revenue from the assets it acquires than the prior owner.

“We can then create value for the artist, for our shareholders, for our debt holders, for our pension holders—all the people who are somehow invested in that effort,” Valentine said, speaking at the Mondo.NYC conference in Brooklyn. “The two things we talk about [with artists] is how are we going to protect your legacy and how are we going to make it live.”

Concord’s ownership — the Michigan State Retirement Systems own 93% — and how it has recently financed acquisitions, through asset backed securities, make it a uniquely long-term focused catalog acquirer that aims to hold these assets for 30-40 years.

The company also employs around 750 people worldwide, and it operates a label, music publishing division and one of the most significant theatrical companies with the catalogs of Rodgers & Hammerstein Theatricals, The Andrew Lloyd Webber Collection, and more.

However in some circles, Concord is better known for the 1.3 million songs it has acquired, including some of its biggest money-making assets like John Fogerty’s Credence Clearwater Revival publishing catalog and Phil Collins’ rights to Genesis songs.

Speaking at the Mondo.NYC conference, Concord described these works “as music and genres that fit so perfectly with an era that to own them … means you own that segment of someone’s nostalgia.” Anyone who ever makes a movie about the Vietnam War will likely call Concord to license CCR’s songs, Valentine says.

But Concord also owns the Latin label Fania Records and Mexican record label Musart Records, and several of the Latin artists it represents through its publishing division were nominated for Latin Grammy’s this year: Daymé Arocena’s nomination for Song of the Year for “A Fuego Lento,” writers Julian Bernal and Sammy Soso’s nomination for Best Pop Vocal Album for Orquídeas performed by Kali Uchis, and Camilo Lara’s nomination for Best Cumbia/Vallenato Album for Se Agradece performed by Los Ángeles Azules.

CALL HIM DADDY

Daddy Yankee’s catalog will be managed out of Concord’s recently expanded Miami office, the company said.

“Since he burst onto the scene, Daddy Yankee has been at the forefront of not only reggaeton, but pop music generally,” Valentine said in a statement. “We were incredibly excited by this opportunity to work alongside Daddy Yankee to continue building on his remarkable legacy and significance. His real and lasting cultural impact is clear, and Concord is thrilled to be a part of his story.”

Concord financed the acquisition of Daddy Yankee’s works by issuing a third round of asset backed security notes that were priced this week that bring its total ABS to $2.6 billion. Daddy Yankee’s catalog will be contributed to the ABS’s collateral pool, according to the KBRA report. Concord has used previous ABS notes to acquire Round Hill Music Royalty Fund in 2023 and Mojo Music and Media in 2022.

This type of financing makes sense for Concord because of its scale — which exceeds most banks’ normal financing abilities — and because it affords them a fixed, low interest rate.

“The benefit of an ABS market is we take out a loan and the interest rate is fixed for 5 years,” Valentine said. “It doesn’t change. Suddenly you’re financing with these fixed rates of return that are lower because of our scale and that changes the dynamic of the valuation pretty dramatically.”

This is part of a new column Billboard is launching in which we will unpack one financial issue a week for an artist in the news. Thanks for reading, and if you have suggestions or tips, email me at ediltsmarshall@billboard.com.

Niall Horan joined his former One Direction brothers in paying tribute to their late bandmate and friend Liam Payne in a heartfelt personal tribute posted on Friday morning (Oct.18). After a group statement from the former 1D members and individual notes from Harry Styles, Zayn Malik and Louis Tomlinson, Horan’s emotional letter touched on the universal feeling of wishing you had one more goodbye, one more hug, or just another quiet moment with the ones you love.

“I’m absolutely devastated about the passing of my amazing friend, Liam. It just doesn’t feel real,” Horan wrote in an Instagram post featuring a smiling photo of the two from their One Direction days. The tribute came less than 48 hours after a preliminary autopsy report said Payne, 31, died following a fall from the third-floor balcony of his hotel in Buenos Aires, Argentina, sustaining multiple, mortal injuries.

“Liam had an energy for life and a passion for work that was infectious. He was the brightest in every room and always made everyone feel happy and secure,” Horan continued. “All the laughs we had over the years, sometimes about the simplest of things, keep coming to mind through the sadness. We got to live out our wildest dreams together and I will cherish every moment we had forever. The bond and friendship we had doesn’t happen often in a lifetime.”

Horan said he felr fortunate that he got to see Payne recently when the “Strip That Down” singer attended one of Niall’s shows at the Movistar Arena in Buenos Aires on Oct. 2. “I sadly didn’t know that after saying goodbye and hugging him, I would be saying goodbye forever. It’s heartbreaking,” Horan lamented. His tribute concluded with a message of love for Payne’s family, including the late singer’s seven-year-old son, Bear.

“Love you brother,” he concluded.

In an earlier solo message, Styles said he was “truly devastated” by the loss of his friend, sharing that Payne’s “greatest joy was making other people happy, and it was an honour to be alongside him as he did it.”

Tomlinson lamented the loss of his “brother,” saying, “Liam was somebody I looked up to everyday, such a positive, funny, and kind soul.” Zayn’s message nodded to the times the two “butted heads,” but focused on the kindness Payne showed him during dark days. “I never got to thank you for supporting me through some of the most difficult times in my life,” he said. “When I was missing home as a 17 yr old kid you would always be there with a positive outlook and reassuring smile and let me know you were my friend and I was loved.”

In addition to their own posts, 1D also issued a joint statement on Thursday (Oct. 17), writing that, “the memories we shared with him will be treasured forever.”

Local authorities have said that believe Payne was not sober at the time of his death, reporting that they found substances that appeared to be narcotics and alcoholic drinks in his room. In the moments leading up to the star’s death, a hotel manager called 911 to report that a guest was “overwhelmed with drugs and alcohol” and “destroying [their] entire room”; by the time police arrived on scene, Payne had already fallen from the balcony of his room and died due to his injuries.

At press time there was no information on funeral arrangements for Payne.

See Horan’s tribute below.

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