MBW understands that Olivier Chastan’s music rights acquisition car, Iconoclast, is in discussions over a possible sale, with a price ticket of roughly USD $500 million.
Based on sources with data of the state of affairs, Iconoclast’s catalog is at present producing roughly USD $25 million to USD $35 million in annual earnings, derived from a mix of energetic and passive rights.
Based mostly on these figures, a $500 million sale value would symbolize a a number of of someplace between roughly 14x and 20x annual earnings.
MBW understands that Brian Richards, the founder and managing companion of monetary advisory agency Artisan, is enjoying a central position within the sale course of. Richards not too long ago performed an instrumental half in The Weeknd’s unprecedented $1 billion catalog partnership take care of Lyric Capital Group.
A number of sources inform MBW that Iconoclast is in talks with roughly 10 completely different events, a mixture of main music corporations and huge unbiased music rights funding corporations.
Among the many star names in Iconoclast’s catalog portfolio are Canadian rock band Nickelback and the late Robbie Robertson of The Band, in accordance with those self same sources.
Different artists whose rights Iconoclast has acquired lately embrace legendary singer Tony Bennett, Grammy-winning rapper Eve, disco pioneer Giorgio Moroder, TV icon David Cassidy, and the Homicide Inc. grasp recordings of hip-hop veteran Irv Gotti.
Iconoclast has additionally acquired the publishing catalogs of Beyoncé and M.I.A. collaborator Change, Girl Gaga co-writer and producer Nick Monson, and Mad First rate Publishing, the catalog co-founded by DJ and producer Diplo.
Los Angeles-based Iconoclast was based by Chastan in late 2021, with its debut acquisition being Robertson’s music publishing, recorded music pursuits, and title, picture and likeness (NIL) rights.
Chastan, a veteran music govt who was beforehand CEO of Irving Azoff‘s Iconic Artists Group, has positioned Iconoclast as an organization centered on “managing the general model and legacy of an artist, not simply their music rights”.
Below his management, the agency has emphasised NIL exploitation, model partnerships, and rising know-how — together with a current partnership with Vermillio to observe using Tony Bennett’s title, picture, voice and likeness on generative AI techniques.
Ought to a deal shut at across the $500 million mark, it could symbolize a big transaction within the ongoing consolidation of the music rights market.
Sources advised MBW when Iconoclast launched in early 2022 that the corporate was being backed by Pimco, the asset administration big with over $2 trillion in property underneath administration. Chastan refused to touch upon that suggestion on the time.
MBW has contacted Iconoclast for remark.
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