Universal Music Group has acquired a 25.8% interest in Chord Music Partners for $240 million. Chord Music Partners, established in 2021 by KKR and Dundee Partners, boasts a portfolio that includes music from renowned artists such as the Weeknd, Ellie Goulding, John Legend, Kid Cudi, and more. This acquisition marks the beginning of a long-term partnership between UMG, Chord, and Dundee, with UMG taking on distribution and publishing administration responsibilities for Chord's existing catalog through Universal Music Publishing Group (UMPG) and UMG's Virgin Music Group (VMG).
Sir Lucian Grainge, chairman and CEO of UMG, expressed enthusiasm for the collaboration, emphasizing the shared commitment to identifying timeless music that drives sustained growth. The deal involves KKR selling its majority stake in Chord to Dundee, resulting in Dundee's ownership share increasing to 74.2%, while UMG holds the remaining minority stake.
Meanwhile, Erica Bellarosa, a seasoned music attorney with a 19-year tenure at Atlantic Records, has been appointed as the head of business affairs and general counsel for the label. In her new role, Bellarosa will oversee Atlantic's business and legal affairs, as well as contract administration departments, reporting to Atlantic's chairmen and CEOs, Julie Greenwald and Craig Kallman.
On a global stage, the international advocacy organization Global Citizen has announced the inaugural international edition of its Global Citizen NOW conference in Melbourne, Australia. Scheduled for March 4, the event will convene over 300 young leaders alongside prominent world figures such as World Bank President Ajay Banga and former United Nations Secretary-General Ban Ki-moon. Notable celebrities, including Global Citizen ambassadors Hugh Jackman and Charlie Puth, as well as rock band Crowded House, are slated to make appearances at the conference.
