News surfaced over a year ago that SESAC was bidding to buy the Harry Fox Agency for around $40 million. Now, SESAC has officially announced that they’re acquiring HFA from the National Music Publishers Association. This is part of a strategy to license multiple types of rights in multiple territories.
The deal gives SESAC control of both performance and mechanical licenses, a distinction that’s growing more and more antiquated in the digital era. SESAC says this will make “the licensing process both simpler and more efficient”.
SESAC says they will invest “heavily” in HFA’s Slingshot royalty tracking platform.
The acquisition still has to be approved by NMPA’s members, but it has already been approved by their Board.
Nina Ulloa covers breaking news, tech, and more: @nine_u