WHAT? SESAC, the Society of European Stage Authors and Composers, has a new majority owner in private equity firm Rizvi Traverse. According to reports, Rizvi Traverse paid $600 million for a 75% stake in the company, which would give SESAC an $800 million valuation. Billboard sources say that more likely the price was $450 million… Read more »
Private-equity firm Rizvi Traverse Management LLC has closed a deal to buy a majority stake in music performance-rights company SESAC Inc. for about $600 million, people familiar with the transaction said. Rizvi will buy 75% of SESAC, which represents artists such as Bob Dylan, Neil Diamond and Rush, from owners including boutique investment bank Allen… Read more »