Searchlight Capital invests $400 million in Chord Music Partners, owner of catalogues from ZZ Top and other artists

Chord Music Partners, a company that owns valuable music catalogues from artists including ZZ Top, Ellie Goulding, Lorde, The Weeknd, and John Legend, has secured a $400 million investment from private equity firm Searchlight Capital. This deal, supported by Universal Music Group (UMG), which is a major shareholder alongside Dundee Partners, values Chord amid a continuing surge in music rights acquisitions. Chord was formed in 2021, and the company recently added a stake in Morgan Wellen’s catalogue. KKR, a significant prior shareholder, exited last year at a valuation of $1.85 billion. The infusion of funds signals further anticipated acquisitions by Chord, underscoring the intensifying competition and rising valuations in the entertainment rights market. Universal Music’s CEO, Sir Lucian Grainge, emphasized the importance of partnerships that focus on iconic songs with enduring value, aiming to maximize both creative and commercial benefits for artists and songwriters within the Chord portfolio.