Metallica and their co-manager Cliff Burnstein are rumored to be involved in an intellectual-property acquisition venture called the Worldwired Music IP Fund, according to Variety. The fund also reportedly involves Morgan Stanley investment banker Paul Donahue, ex-Fender president and COO Matt Janopaul, and ex-Sony/ATV co-president Rick Krim.
Worldwired Music IP Fund is reported to have resources between $300 and $500 million, and "will include song catalogs as part of its portfolio, which one source said is likely to include — but not be limited to — classic rock catalogs." Nobody involved in the venture commented to Variety, though writers Jem Aswad and Shirley Halperin do cite "sources."
"A source stressed 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, however, that company has certainly proven — and driven up — the value of song catalogs," said the authords. "Hipgnosis, which was cofounded by former Elton John/ Beyonce/ Iron Maiden manager Merck Mercuriades, has purchased catalogs from songwriters and producers including Timbaland, Eurythmics’ Dave Stewart, The-Dream, the Chainsmokers and several dozen others."
No word on what the full scope of the Worldwired Music IP Fund is, or what Metallica plans on doing with the fund. Read the full report here.