Three veteran U.K. music and advertising industry execs have teamed to launch the Kingstreet Media Group, a $220 million music, film and media-related rights fund.

Three veteran U.K. music and advertising industry execs have teamed to launch the Kingstreet Media Group, a $220 million music, film and media-related rights fund.

The triumvirate consists of Andrew Wilkinson, former CEO of the Rolling Stones' group of companies; music publisher Tim Hollier; and Michael Bungey, former CEO of advertising agency Cordiant and chairman of Bates Worldwide.

The fund is said by sources to be "agonizingly close" to securing a major studio music catalog.

Wilkinson's Kingstreet Group of Touring and Management companies, which represents the likes of Pink Floyd, Rolling Stones, Elton John, Robbie Williams, Sting, Spice Girls, Genesis, Whitney Houston and Phil Collins, provides the vehicle for the new enterprise.

Former EMI Recorded Music senior VP Rupert Perry has been appointed as nonexecutive director, as has U.S. investment adviser Thom Flohr. Corporate, legal, tax and treasury matters for Kingstreet have been led by Steve McMellon, head of media rights at niche media consulting firm WJB Chiltern.

Kingstreet will be reversed into KMG in a paper transaction that will result in the business of Kingstreet being acquired for a percentage of the issued share capital of KMG. Coutts and Co. and the Royal Bank of Scotland have been appointed bankers to KMG Plc.

Wilkinson is the company's CEO, with Bungey as chairman and Hollier heading up acquisitions.

Music industry vet Hollier is a director and a co-founder of Music Copyright Solutions, which controls a wealth of film and TV music publishing rights from Endemol ("Fame Academy") to Postman Pat. MCS floated on Ofex in 2001 and will move to the U.K. AIM market in July. MCS is to administer the music copyrights purchased by the fund.

MCS followed Hollier's involvement as a founder of Filmtrax Plc., which was sold to EMI for more than $100 million. He continues to serve MCS in his acquisition capacity.

In conjunction with a major international bank, KMG said it is in the process of completing initial funding of $220 million investment of this first fund in music publishing catalogs. Acquisitions commence in the third quarter.

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