Cinq Music received $100 million in Series D funding from its parent company, GoDigital Media Group, the company announced Monday. The Los Angeles-based music distributor, label and publisher will use the money to purchase music rights — both masters and publishing — and to aid its international expansion.
“Our continued ability to fund Cinq Music for its acquisitions is grounded in music rights being a durable annuity-like asset,” said GoDigital chairman and CEO Jason Peterson in a statement. “Across our business units the past four years, GoDigital has invested more than $350 million through multiple capital vehicles.”
GoDigital is a holding company that extends across digital content and distribution. It owns Latido Music, the Mitú network, media rights manager AdShare, yoga instruction service YogaWorks and YouTube multichannel network VidaPrimo. In 2021, GoDigital expanded into finance by acquiring Sound Royalties, a provider of music royalty-backed advances, for a “high eight-figure” amount.
In 2019, GoDigital provided Cinq with $40 million of Series C funding that helped it acquire the Beluga Heights record label and artist Jason Derulo’s catalog. A $20 million series B round allowed Cinq to acquire rapper T.I.’s Atlantic Records catalog from 2003 to 2012 and partner with Janet Jackson for a recording and distribution agreement through her Rhythm Nation Records.
GoDigital’s music portfolio is backed by Bank of America as lead lender, as well as East West and Union Bank.