METALLICA JOINS ACQUISITION VENTURE Friday July 10 2020, 5:33 AM
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METALLICA JOINS ACQUISITION VENTURE

According to   Variety ,   METALLICA   and longtime co-manager   Cliff Burnstein   are among the parties involved in a new intellectual-property acquisition venture   Worldwired Music IP Fund . The venture, which also includes former   Fender   president/COO   Matt Janopaul   and former   Sony / ATV   co-president   Rick Krim , will be looking to snap up a series of song catalogs as part of its portfolio.

Worldwired Music IP Fund   is being headed up by former longtime   Morgan Stanley   investment banker   Paul Donahue , and will have resources in the $300-$500 million range.   Donahue   also serves on the advisory board of   METALLICA 's   All Within My Hands   foundation.

METALLICA   is not spearheading the fund, though the fund's name is an apparent nod to the band's   "WorldWired"   tour

A source stressed to   Variety   that the venture was not directly inspired by the start-up   Hipgnosis Songs , which has spent over $1 billion buying up hit songwriter and producer catalogs in just two years.

Since 2012,   METALLICA   has had complete control over the master tapes of all its audio and video recordings. The band also launched its own label,   Blackened Recordings .

Last December,   Forbes   magazine revealed that   METALLICA   was among the world's top-earning musicians of 2019. The outlet published a report that showed   METALLICA   earned $68.5 million last year, landing the the No. 10 spot on the   Forbes list of Highest-Earning Musicians. The same month,   Billboard   reported that   METALLICA   was the highest-ranked hard rock act on the magazine's year-end Boxscore chart, with a combined gross of $177 million from 46 reported concerts during the band's   "WorldWired"   tour. The band sold 1.7 million tickets around the world during the 12-month time frame that determined the chart's rankings.



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