London-based Stage Three Music Ltd. has acquired the publishing catalog of Mosaic Music, which includes 44 No. 1 country hits and songs written by members of Aerosmith and ZZ Top.
The deal, structured to expand the Stage Three’s presence to the United States, sees Mosaic president Lionel Conway take over the running of Stage Three’s North American operations in Los Angeles and Nashville. Conway is the former president of Island Music and PolyGram.
Although terms were not disclosed, industry sources estimate that the Mosaic catalog garnered a purchase price in the “high eight figures.” The deal was brokered by attorney Mark Levinsohn of Epstein, Levinsohn, Bodeine, Hurwitz and Weinstein in New York.
Stage Three was founded by Steve Lewis, former Chrysalis Group music division CEO and Virgin Music publishing head, and Ingenious Partners, the private-equity division of Ingenious Media plc. In recent fundraising involving Apax Partners and HSBC Private Bank, Stage Three received more than $80 million to acquire catalogs.
Lewis tells Billboard.biz that the key points of the acquisition are that these “very valuable” copyrights put Stage Three in the ranks with the leading independent publishers in terms of value and give the company a presence in the United States.
“The current environment offers great opportunities to a well-funded independent publisher such as Stage Three Music,” Conway adds.