Performance rights organization SESAC just announced some major executive switch-ups. This includes a longtime board member becoming Chairman and CEO, and the naming of a new President and CEO for a newly-created Performance Rights division. It’s all part of a big change in strategy…
SESAC will expand beyond performance rights to represent “multiple rights in numerous territories“. As part of their new strategy, the PRO has acquired micro-licensing service Rumblefish for an undisclosed amount.
Rumblefish powers stock music offerings for YouTube, Vimeo, Shutterstock, and more. They issue 50,000 micro-licenses every day and have a library of 5 million works.
SESAC will put growth capital into Rumblefish so they can expand. Rumblefish will become an independent subsidiary of SESAC. Rumblefish’s President/CEO will now report to SESAC’s new Chairman and CEO, John Josephson.
Earlier this year, Billboard reported that Rizvi Traverse (SESAC’s parent company) had submitted a bid to acquire the Harry Fox Agency for a possible $40 million.
Nina Ulloa covers breaking news, tech, and more. Follow her on Twitter: @nine_u