SESAC, the boutique performance rights organization that administers royalties to more than 30,000 clients, has been acquired by the private-equity outfit The Blackstone Group, which currently boasts more than $360 billion in assets under management.
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Blackstone acquired the PRO from Rizvi Traverse Management. The transaction is expected to close by the end of the first quarter of 2017, according to musicbusinessworldwide.com.
“Blackstone is acquiring our company with the specific intent of backing the existing management team, and shares our long-term vision for the company with a history of adding value to their portfolio companies as a supportive strategic partner and capital provider,” SESAC CEO John Josephson said in a statement. “We anticipate a seamless transition in ownership with no disruption to our business activities as a result of this transaction.”
In 2015, SESAC acquired the Harry Fox Agency, making SESAC the only PRO that administers public performance, mechanical and synchronization rights under one roof.