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Music Publishing Company With Rights To Johnny Cash, Lady Gaga And More Going Public In SPAC Deal

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Music Publishing Company With Rights To Johnny Cash, Lady Gaga And More Going Public In SPAC Deal

One of the largest independent music companies in the United States will go public in a SPAC deal announced after close Wednesday.

The SPAC Deal: Reservoir Holdings is going public in a merger with Roth CH Acquisition Co II (NASDAQ: ROCC). The deal values the company with an enterprise value of $788 million. Reservoir Holdings will receive gross proceeds of $246 million.

The deal is expected to close in the third quarter of 2021. The company will trade as RSVR on the Nasdaq if the merger is approved.

Related Link: 10 Top SPAC Picks For Investors To Consider In 2021

About Reservoir Holdings: Founded in 2007, Reservoir Holdings has a portfolio of well-known hit music spanning across genres, geographies and time.

The company has over 130,000 copyrights under its music publishing business segment. This includes hundreds of number one hits like “It’s Your Thing” by The Isley Brothers, “Ring of Fire” by Johnny Cash, “Take Me Home, Country Roads” by John Denver and “Senorita” by Shawn Mendes and Camila Cabello.

Hits by Lady Gaga, Cardi B and Bruno Mars are also mentioned on the company’s website.

Reservoir Media’s frontline creative business represents over 60 clients in the music field including Ben Harper, Migos’ Offset and Takeoff and 2 Chainz.

The company also has over 26,000 sound recordings including many from movie soundtracks like “The Lion King,” “Pirates of the Caribbean,” “The Dark Knight” and “Gladiator.”

Reservoir Media holds a top 10 market share position on Billboard’s ranking of publishers.

Growth Ahead: Reservoir Media has grown through acquisitions of copyrighted music. The company has spent over $400 million to acquire companies and content and plans to continue to acquire additional content going forward.

The growth of paid rights for streaming music and in-home fitness music is seen as a possible growth area for the company.

Price Action: Shares of Roth CH Acquisition II Co are up 1% to $10.03 in after-hours trading Wednesday.

 

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Posted-In: music stocks Reservoir Holdings SPAC SPACsM&A News IPOs Best of Benzinga

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