SESAC Announces Change in Royalty Distribution
SESAC has announced that it will soon make domestic, terrestrial radio performance royalty payments on a monthly basis. Those payments are generally made quarterly. Moreover, the organization says it also plans to move other performance royalty revenues to monthly payments.
“We are proud to provide this accommodation to our affiliates and to continue SESAC’s legacy of providing the best level of service to songwriters and music publishers,” Pat Collins, the organization’s president and COO, said in a statement. Monthly payments across the various royalty income streams could help the Nashville-based performing rights organization to sign more songwriters.
Meanwhile, sources describe the ongoing auction for SESAC, first reported by the New York Post, as drawing robust interest from suitors. SESAC had $42 million in earnings before interest, taxes, depreciation, and amortization on revenues of $128 million in its most recent fiscal year, and its owners are seeking a better than a 10 times multiple for the organization, sources say.
Bicycle Music Links With Tal Bachman
The Bicycle Music Company and its affiliates has acquired a co-publishing interest in Tal Bachman’s self-titled album, which includes the top 20 hit, “She’s So High.”
That album, released in 1999, earned the artist two Canadian Juno awards for best new artist and producer. “Tal’s hits fit in perfectly with the catalog we have built here over the years,” Bicycle Music’s co-president Steve Salm said in a statement. “Bicycle will continue to be one of the most active and aggressive acquirers of publishing catalogs, master recordings and image and likeness rights in the music marketplace.
BMG Chrysalis UK Signs Frank Turner; BMG Germany Signs Krauts Production Team
BMG Chrysalis UK has signed folk-punk singer-songwriter Frank Turner to an exclusive music-publishing agreement. In a statement, BMG Chrysalis UK VP of A&R Ben Bodie, who scored the deal with A&R Director Hugo Turquet, said, “This is a significant signing of an artist who is clearly on the verge of a major breakthrough.” Turner will headline Wembley Arena in London on April 13. Meanwhile, in Germany, BMG has entered into an exclusive songwriter and co-publishing agreement with the Krauts, the German production team consisting David Conen, VincentGraf von Schlippenbach and Dirk Berger. The trio has worked with such German artists as Peter Fox, Seeed, Beatsteaks, Marteria and Cassandra Steen, as well as Diddy, Amy Winehouse and Plan B.
ASCAP President Paul Williams Testifies Before Senate
ASCAP president and chairman Paul Williams – who made was featured in a panel at SXSW earlier this week — testified today before the U.S. Senate Committee on whether the U.S. should grant Russia permanent normal trade relations by pointing out that American music creators are grossly underpaid for the public performance of their works in that country.
“We know there is no magic wand that our government can wave to ensure American music creators and copyright owners are fairly compensated in Russia,” Williams said in a statement. “If Congress decides to grant PNTR, the U.S. Government must aggressively use all available enforcement tools to protect American songwriters, composers, and publishers. Agreements without enforcement may be worse than no agreements at all.”
Imagem USA Signs Phil Galdston
Imagem Music USA has signed a worldwide, multi-year administration and co-publishing agreement with songwriter/ producer Phil Galdston, who has written songs covered by such artists as Vanessa Williams (“Save the Best for Last” and Celine Dion, among others.