Concord Taps Bond Market With $1.65 Billion Asset-Backed Security

Independent music company Concord is the latest to tap into a growing market for music royalty-backed securities with Concord Music Royalties, LLC, Series 2022-1, a $1.65 billion asset-backed security. The bond will be supported by mechanical, performance and synchronization royalties from more than 1 million assets.  

The proceeds will be used to fund reserve accounts, pay transaction expenses, repay debt and for other general corporate purposes, according to a report by ratings agency KBRA.  

KBRA gave Series 2022-1 a preliminary rating of A+ (on a scale ranging from AAA to D), citing the “large, diversified catalog with globally recognized songs and artists” such as R.E.M., Plain White T’s, Creed, Evanescence, Genesis, Phill Collins and Mike + The Mechanics — the latter three being purchased just two months ago.  

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The catalog generated $344.7 million in 2021, with 63% coming from recorded music and 37% from music publishing. More than 41% of the catalog’s assets were released more than 20 years ago and 23% are between 10 and 20 years old. About 3.5% of the catalog is comprised of frontline releases, defined by KBRA as “recently recorded and released music with little or no history,” and option rights that Concord can exercise for rights to future recorded music or publishing from artists in the catalog. 

FTI Consulting put a $4.1 billion valuation on the catalog, according to the KBRA report. That’s about the same amount Billboard estimated Concord’s price tag would be when the company was exploring a sale in 2021 — before the purchase of the Genesis, Phil Collins and Mike + The Mechanics catalogs that Billboard estimated were worth at least $335 million and its acquisition of Australian music publisher Native Tongue. Concord had sought additional equity from its majority owner, the Michigan Retirement Systems pension fund, but turned to debt in 2020 to raise $600 million, which it used to pay down existing debt.   

Among the offering’s sound recordings, Concord Music Group administers a majority and Universal Music Group distributes a majority. Concord Music Publishing administers most of the music publishing rights and ICE, ASCAP and BMI are the collective management organizations for most of the publishing rights.  

Series 2022-1 contains two components: Class A-1 VFN, with a principal balance of $150 million and an anticipated repayment date of January 2026; and Class A-2, with a principal balance of $1.5 billion and an anticipated repayment date of January 2029. Class A-1 VFN will have a variable interest rate — the secured overnight financing rate plus a margin — and Class A-2 will have a fixed interest rate. The notes will pay interest quarterly.  

Concord’s offering is the largest of the music royalty-backed offerings rated by KBRA in the last 12 months. KKR’s Hi-Fi Music IP Issuer II, backed by about 62,000 songs, raised $732.5 million in February. Crescendo Royalty Funding, a joint effort of Lyric Capital Group and Northleaf Capital Partners and backed by over 52,000 songs owned by Spirit Music Group, raised $303.8 million in Dec. 2021. Hipgnosis Music Assets 2022-1, backed by the Kobalt Music Copyrights Fund 1 that Hipgnosis Songs Fund acquired in 2020, raised $221.7 million in Dec. 2021.   

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Chuu Removed From LOONA Amid Back-and-Forth Reports Between K-Pop Group & Label

Chuu is no longer a member of the K-pop girl group LOONA, and the events surrounding the exit have raised eyebrows in Korea’s media and music industry.

BlockBerryCreative, the K-pop girl group’s label, announced through LOONA’s online “fan cafe” on Friday that Chuu had been expelled and withdrawn from the 12-member outfit. The fan cafe post is only available to subscribers of the Korean site, but local media widely shared the news and statement. In the report, the agency cited an investigation that found Chuu using “violent language” and “misuse of power toward staff” (as shared by translations from Soompi).

BlockBerryCreative and Chuu’s relationship has been a source of concern among fans and prone to media speculation in the past year.

In the spring, rumors surfaced that Chuu took legal action in 2021 to cut parts of her exclusive contract with BlockBerryCreative. By summertime, the stories evolved to Chuu joining a new management label and setting up her own agency. BlockBerryCreative denied any management changes. Still, the 23-year-old did not participate in LOONA’s world tour that visited North America, Europe and Asia from August to October this year or their recent Japanese single “Luminous.” Chuu has stayed busy, with many television appearances, growing a YouTube channel, and releasing solo singles as LOONA’s most visible member.

In the spring, Chuu was rumored to have taken legal action in 2021 to cut parts of her exclusive contract with BlockBerryCreative. By summertime, the stories ranged from Chuu joining a new management label to setting up an agency all on her own. BlockBerryCreative denied that she was transferring management. Still, the 23-year-old did not take part in LOONA’s world tour that visited North America, Europe and Asia from August to October of this year, or their recent Japanese single “Luminous.” Chuu has stayed busy, with many television appearances, growing a YouTube channel and releasing solo singles as LOONA’s most visible member.

On Nov. 28, BlockBerryCreative followed up with another statement saying that the expulsion was not in retaliation. The label said it’s up to the parties involved to share specific evidence. It asked the media to refrain from speculative reporting, after noting articles that doubted BlockBerryCreative’s claims and intentions.

Billboard repeatedly reached out to a BlockBerryCreative representative for comment as the stories unfolded. The rep confirmed Chuu’s removal from LOONA and pointed to previously shared statements.

Several K-pop stars and industry professionals have shown public support for Chuu. Singer Sunmi posted a selfie of her with Chuu after the expulsion news dropped, while Korean music journalist Joy Park shared her memories of Chuu and a signed LOONA album on her Twitter account. Kim Do Heon, another Korean music critic, criticized BlockBerryCreative’s statement through a Twitter post.

For her part, Chuu shared a short statement through an Instagram Story post. On Monday, the star wrote that she was not contacted about nor does she know anything about the recent events. She shared that she would release another statement soon but told fans she hadn’t done anything they would disapprove of.

Another report surfaced on Monday saying that nine of the remaining 11 LOONA members (Heejin, Haseul, Yeojin, Kim Lip, Jinsoul, Choerry, Yves, Go Won and Olivia Hye) were taking legal action to break their contracts with BlockBerryCreative. The agency dismissed the rumor. A BlockBerryCreative representative told Billboard that the report is “groundless.”

LOONA (whose Korean name translates to “Girl of the Month”) began their journey in 2016 with the ambitious plan of introducing each member with her own solo music and splinter units between the members before all 12 members finally came together in August 2018 for the [+ +] EP. LOONA has since earned multiple entries on World Albums and even sent their [12:00] album to the Billboard 200. The group hit No. 1 on World Digital Song Sales with their songs “365” and “Shake It” and also became one of the few K-pop acts to enter the Pop Airplay chart with an English single, “Star.”

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Mariah Carey Is Inviting You to Her Home for the Holidays: Here’s How Fans Can Book the Unforgettable Trip to New York City

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Mariah Carey is inviting you to her home for the holidays. The “Queen of Christmas” teamed with Booking.com to give two lucky fans a once-in-a-lifetime chance to experience New York City her way.

Mariah’s Ultimate Holiday Experience will include a three-night stay in the Grande Luxe King room at The Plaza hotel, tickets to Carey’s upcoming holiday concert, dinner at her favorite restaurants including Nobu and Mr. Chow, a private tour of Top of the Rock at Rockefeller Center, a VIP ice skating session in front of the Rockefeller Center Christmas tree and access to a VIP tent.

“Christmas in New York is an experience of a lifetime, so I partnered with Booking.com to create a special holiday-themed travel experience in my hometown during the most wonderful time of the year,” Carey said in a statement Tuesday (Nov. 29). “For one time only, I’m giving two fans the opportunity to have an unforgettable and magical extravaganza! I hope the bookers will enjoy the chance to see my concert at Madison Square Garden, visit the Top of the Rock, eat at my favorite restaurants, and stay at a luxurious NYC hotel.”

The three-day experience will culminate with cocktail hour at a private space in the music icon’s New York City penthouse apartment pictured below, plus a Christmas photoshoot on Carey’s rooftop.

Courtesy of Timeless Eye
Courtesy of Timeless Eye

Fans can book on a first-come, first-served basis exclusively on Booking.com starting Dec. 14 at 5 p.m. ET. The epic weekend will take place Dec. 16-19 and is priced at $20.19 — in honor of the year Carey’s holiday hit, “All I Want for Christmas is You,” topped the Billboard Hot 100 chart for the first time.

Also included in the three-day extravaganza: A signed copy of Mariah’s new holiday book, The Christmas Princess, a shopping spree at Saks Fifth Avenue, tickets to the Christmas Spectacular starring the Radio City Rockettes along with a VIP pre-show reception at Roxy Suite, a private tour of Radio City Music Hall, meet-and-greet with a Radio City Rockette and more.

Flight accommodations, airport transfers and local transportation to and from attractions and activities will be covered over the three days.

And if Lambs are in the mood to shop, Carey’s bath and body collection is back in stock at Walmart. Carey partnered with Find Your Happy Place to launch limited-edition products including shower gel, lotions, hand cream, candles and holiday gift sets.

Click here to shop the Find Your Happy Place x Mariah Carey Bath and Body Collection before it sells out.

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Jessie James Decker Addresses Backlash Over Her Kids‘ Abs: ‘Let’s Not Pick & Choose What We Normalize’

Jessie James Decker recently enjoyed a vacation in Mexico with her family, and like many parents, shared some adorable photos of her kids having fun in the sun on Instagram. However, the “I Still Love You” singer received some backlash, with critics claiming that she photoshopped the children’s visible abs or even accusing her and husband Eric Decker of “overtraining” their kids.

In a follow-up post on Monday (Nov. 28), Jessie addressed the “bonkers” accusations. “Being accused of photoshopping abs on my kids (I can’t help but laugh) or … the polar opposite over ‘overtraining’ our kids makes me realize how bizarre our world has gotten regarding the body and what’s normal and what’s not,” she captioned a series of videos of the couple’s three children — eight-year-old Vivianne, seven-year-old Eric Jr. and four-year-old Forrest — playing outside on the same vacation.

“We preach about body positivity and acceptance but my kids having a mass amount of genetic and built muscle from athletics is ‘weird’?” she continued. “I want to raise my kids to feel proud of their bodies and hard work from either Vivis elite competitive gymnastics to Eric Jr wanting to be like dad as an NFL receiver to little Forrest who spends hours dancing his heart out. Let’s not pick and choose what we normalize regarding bodies and be accepting of all people and children. If we wanna do ‘better’ then do better. I’m proud of my children and encourage them to live their dreams. So we’ll see y’all at the 2032 Olympics, and wearing Bubbys jersey in the stands and dancing at Forrests rock concert.”

Jessie’s husband and NFL wide receiver Eric commented on the post in support, writing, “U get mama bear [raised hands emoji] [lion emoji].”

See her post below.

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Kendrick Lamar Talks Short Film ‘We Cry Together’ & Hopes for Best Live Action Short Nomination at 2023 Oscars

He’s already a 14-time Grammy Award winner, and now Kendrick Lamar is hoping to extend his good fortune to the Oscars.

Leading up to the 2023 Academy Awards — whose shortlist voting takes place next month, Dec. 12-15 — Lamar spoke with Variety in an interview published Tuesday (Nov. 29) about his short film We Cry Together, in which he stars opposite Taylour Paige.

For the rapper, one of the most important things about his short film was to make sure that it felt real. We Cry Together sees Lamar and Paige exploring a relationship that’s equal parts vulnerable and toxic from the confines of a small space. The film, should it secure a nomination, would be up for a spot in the best live action short category at the Academy Awards.

“It challenged me to actually live in what I was writing, and really be there and be present with Taylour [Paige],” Lamar said. “And I remember us going back and forth and feeling like, damn, I understand this character even more because I’m evoking the energy from it and the passion from it because it’s alive, and it’s direct.”

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Lamar directed the short alongside Dave Free and Jake Schreier; in the interview, Free noted that “when we went into this project, Kendrick was telling me about how he wanted the room to feel thick, and the room to feel intense … He wanted to really address topics that we, as a society, kind of shy away from.”

“The Heart Part 5” rapper added, “So in writing, I say, ‘OK, how can I make this feel personal, but also holding up a mirror as a collective concept, rather than just a personal concept.’ I wanted to bring that drama because, at the end of the day, whether we like it or not — the good, the bad and the ugly, the pros and cons — that’s what makes everything evolve.”

Of the filmmaking process, Lamar stated that it allowed him to have “more freedom, as a person. Being able to run toward my fear and say the things I want to say and do it in an artistic way — it allowed me to live my truth even deeper.”

Only 10 films will make the shortlist for the Oscars’ best live action short category, before being narrowed down to the final five nominees. Lamar — who was previously nominated alongside SZA, Mark “Sounwave” Spears and Anthony “Top Dawg” Tiffith for an Oscar in 2019 for the Black Panther track “All the Stars” in the best original song category — will learn if We Cry Together made the cut when the shortlist is revealed on Dec. 21.

Lamar and Free are nominated for a Grammy as directors of Lamar’s “The Heart Part 5,” which is up for best music video. Lamar and Free won in that category five years ago for “Humble.,” which they co-directed with Dave Meyers.

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Al Mair, Canadian Music Industry Pioneer and Attic Records Co-Founder, Dies at 82

Alexander “Al” Mair, Canadian music industry pioneer, one-time manager of Gordon Lightfoot and co-founder of successful indie label Attic Records, died Nov. 25 at Toronto’s Sunnybrook Hospital of cancer. He was 82. 

Former publicist and indie promoter Richard Flohil broke the news about his long-time friend’s passing on Friday, posting on Facebook that Mair “was a kind and generous man who will be missed — and always remembered — by his family and the organizations and individuals whom he helped and mentored. Al was always one of the good ones.” 

Mair’s son, Sebastian Mair — who followed his dad into the music industry and now lives in Japan where he co-founded Music Solutions — tells Billboard, “My father was passionate in his love for music and championing Canadian culture. He was a mentor to many people in the global music industry, including myself. My family and I miss him very much.” 

In June, Mari was named an appointee of the Order of Canada, the country’s highest honor bestowed upon a citizen, “for his visionary and enduring contributions to the Canadian music industry.” On Nov. 22, Ontario Lieutenant-Governor Elizabeth Dowdeswell presented him with the medal in his hospital room. 

Among other industry recognitions, Mair was inducted into the Canadian Music Industry Hall of Fame in 2014 during Canadian Music Week and received the Builder Award from the Canadian Independent Music Association (CIMA) in 2016. 

In a statement released Monday, the Canadian Academy of Recording Arts & Sciences (CARAS) noted that Mair was “foundational in establishing industry infrastructure” in Canada. Allan Reid, president & CEO of CARAS/The JUNO Awards, who worked alongside Mair and his team at Attic Records for many years as part of the A&M family of labels, added, “Al was a pioneer in the Canadian music industry and helped shape the landscape as we know it today. I’m saddened to hear of his loss and my heart goes out to his loved ones.” 

Mair got his start in music in the 1950s when he was still a teenager, working at a record store and deejaying at dances and weddings. His first industry job was at Capitol Records overseeing royalty payments, followed by roles at London Records and Compo Company. He next joined United Artists, promoting such acts as Gordon Lightfoot and The Irish Rovers. In 1968, he began managing Lightfoot, a relationship that lasted until 1976.  

In 1974, Mair co-founded Attic Records with former Warner exec Tom Williams. Over its nearly three-decade run, the label’s roster included Triumph, Anvil, Lee Aaron, The Nylons, Teenage Head, Patsy Gallant, Hagood Hardy and rapper Maestro Fresh Wes, Canada’s first Black artist to go platinum. The company also distributed such international acts as Creed, “Weird Al” Yankovic, Jennifer Warnes and Katrina and the Waves. Its publishing division represented the Canadian rights to such acts as The Beatles, Elton John, Genesis, ABBA, James Brown and The Cars. 

In 1984, Mair bought out Williams’ stake in Attic and, after running it solo for the next 15 years, sold the label to newly formed The Song Corporation in 1999. Song Corp. declared bankruptcy in 2001, and Attic’s Canadian catalog and masters are now owned by Unidisc Music.  

According to a press release announcing Mair’s induction into the Canadian Music Hall of Fame, Attic Records boasted sales of over $100 million in Canada and scored over 100 gold, platinum and multi-platinum albums in Canada, the U.S., U.K., Holland and Japan.

Mair was remembered by those across the industry as news of his death began to circulate. A Facebook post by female-owned Six Shooter Records paid tribute to Mair as a mentor and called him “a giant in our music community. A true builder. Staunchly independent and staunchly Canadian, he was a leader in helping to build our infrastructure through CIMA (then known as CIRPA) to create tools like Cancon and FACTOR so that a domestic industry was able to take root and grow.”  

Others who paid tribute on Facebook included songwriter and publisher Vince Degiorgio, who praised Mair as a “trailblazer and legend,” while publicist and author Kevin Shea called him “a visionary leader [and] a wonderful boss.” Also on Facebook, Cadence Music Group vp of artist and label relations Linda Bush called him “more than a mentor to me, he was my industry Dad. His constant encouragement and critiques really gave me the confidence to turn a music obsession into a career.” In his own Facebook post, Curve Music founder Brian Hetherman added that Mair was ”a building block of the Canadian music industry,” who “not only gave me some of the best advice about starting a label I have ever had, he walked me through all the things I needed to do to survive.” 

After selling off Attic Records, Mair remained active in the music industry as a consultant. During this period, he became known for filling friends’ Facebook Messenger inboxes with links to the latest industry news and amusing tidbits. Over the last couple of years, a select number of his industry colleagues were invited for one-on-one chats at his local Shenanigans restaurant while indulging in a chocolate sundae, including Flohil, Greek-Canadian guitarist Pavlo and former Warner Music Canada vp Steve Waxman. 

“They actually took the chocolate sundae off the menu last week but I’m trying to get it reinstated,” Mair wrote after musician Pavlo posted a photo of the two of them at Shenanigans. It’s unclear whether he achieved that particular mission, though there are few executives who can rival his achievements in the Canadian music business. 

In a comment on Flohil’s Facebook post, Mair’s daughter, Jen Mair – a publicist at the National Film Board of Canada – noted that no funeral service will be held. “We will scatter his ashes as he wanted, and my brother and I have talked about doing some kind of celebration of life next year…stay tuned,” she wrote. 

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