Concord Spent a Cool $217.3 Million on the Catalog of ‘A Highly Successful Latin Music Artist and Songwriter,’ Report Reveals
Concord spent over $217 million on the catalog of a popular Latin artist whose name hasn’t been publicly revealed, per a new report. Photo Credit: Giorgio Trovato
Who says all catalog buyers tout blockbuster deals via detail-oriented announcements? Concord has acquired an undisclosed Latin music star’s body of work for north of $217 million, per a new report.
That report comes from Kroll Bond Rating Agency (KBRA) in connection with Concord’s issuance of another $850 million in notes, which have an anticipated repayment date in October of 2029. All told, the overarching portfolio is worth $5.1 billion, according to the report, up from $4.2 billion in 2023.
The sums don’t include any revenue from name, image, and likeness rights, but the newer total does reflect a cumulative $606.3 million worth of IP acquired by Concord in its Mojo Music & Media and Round Hill buyouts.
While the value of those plays is interesting, more intriguing yet is the $217.3 million “acquisition of a catalog of assets by a highly successful Latin Music artist and songwriter.”
Unsurprisingly, the text doesn’t come right out and reveal the name of said artist, and neither the individual nor Concord appears to have formally announced the relevant transaction. (Although rare, under-the-radar IP sales wrapped without public disclosures aren’t new, we’ve highlighted on multiple occasions.)
However, the report’s risks section points to another interesting detail about the seller: The artist and songwriter at hand is a party to “one outstanding lawsuit relating to the” assets. “The lawsuit involves a copyright infringement claim against several artists in the Latin Music genre, and the artist has been covering all legal costs in connection with this litigation.”
Though it perhaps goes without saying, the abundance of industry and industry-adjacent courtroom confrontations means pinpointing an exact case (and then a possible catalog seller) based on any brief description is inherently difficult.
But the action that immediately comes to mind is the sweeping reggaeton-theft suit filed by one Cleveland Constantine Browne and others against a multitude of artists and companies. We previously broke down the convoluted, far-reaching, and years-old copyright complaint, which, in short, is alleging the unauthorized widespread copying and sampling of “groundbreaking” reggaeton instrumental elements.
Admittedly, some of the many artist defendants (Drake, Justin Bieber, Stefflon Don, and others among them) are situated outside the Latin space. But all manner of different defendants, including but certainly not limited to Bad Bunny, Daddy Yankee, De la Ghetto, Karol G, Ricky Martin, Enrique Iglesias, and Anuel AA, are prominent in the Latin world.
Without diving too much further into the multifaceted subject, it’s worth bearing in mind the gargantuan value attached to the deal – several legacy acts’ well-established and comparatively expansive rights have fetched sums in the same ballpark – and Latin’s continued sales growth in the U.S. and elsewhere.
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