WHAT? SESAC, the Society of European Stage Authors and Composers, has a new majority owner in private equity firm Rizvi Traverse. According to reports, Rizvi Traverse paid $600 million for a 75% stake in the company, which would give SESAC an $800 million valuation. Billboard sources say that more likely the price was $450 million for the 75% stake, which would result in a $600 million valuation. An earlier auction yielded bids of only $500 million-$550 million, they say.