Hipgnosis Songs Fund, a music royalties investment firm, reduces portfolio value by 26%, leading to a 9% share price drop.
Hipgnosis Songs Fund, a music royalties investment firm, has reduced the value of its portfolio by over 26% due to an independent valuation by Shot Tower. The fund, which owns the back catalogues for artists including Justin Bieber and Shakira, will use its free cash to pay down debt rather than restarting shareholder dividend payouts. The news led to a 9% drop in the fund's share price.
March 04, 2024
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