Domain Capital Group has won the major publishing and recording portfolio of four-time Grammy-nominated rapper and songwriter Iggy Azalea in an “eight figure” deal.
Agreement, reported by Female Rap Roomto be confirmed by the Australian artist in a response to the news outlet tweet that said she “sold her primary publishing and recording portfolio to Domain Capital for an eight-figure sum” (between $10 million and $99 million).
The news follows Domain’s announcement from earlier this month that it was shutting down for a while $700 million funding round.
“I sold part of my portfolio to someone I wanted, for money that meant I never had to work another day in my life.”
Iggy azalea
The tweet from Azalea says the transaction includes the main part and the publishing section of her biggest hits like favorite, problem, and Black Widow.
“I sold part of my portfolio to someone I wanted, for money that meant I never had to work another day in my life,” Azalea said.
The artist also responded to one Twitter user’s worry about the deal ending like Taylor Swift’s master argumentative with her old record label, Large machine recordand its new owner Scooter Braun.
“Taylor doesn’t make a profit from that sale… I love you all but the conversation of the gurus is a bit beyond most of your understanding of the business,” Azalea said.
Azalea also responded to several other tweets, including her decision to sell her portfolio now, saying: “I have a bigger business that I want to invest in.”
The 32-year-old artist, born Amethyst Amelia Kelly, has her own label called Bad Dreams. She also has a management agreement with Music Publisher Sony.
Last year, Azeala announced that she was moving away from music, saying her album, EDM-heavy The end of an era, will be her last album. But a year later, the rapper changed his mind, speak: “I’m going back. Crying about it.
The sale of Azalea’s portfolio comes just weeks after Domain Capital and its subsidiary, Domain Capital Advisors (DCA), revealed that they had closed more than $700 million in equity commitments to a hedge fund. New ideas and means of co-investment focusing on film, television, and music.
Domain previously said that it has deployed more than $170 million of this new fund to transactions in entertainment vehicles.
Earlier this year, the company partnered with Sony Music Publishing to get, get a catalog that spans the career of award-winning musician, Ashley Gorley, which according to Global Music Business‘S sources, worth $40 million.
In announcing a new $700 million investment earlier this month, Anthony, CEO of Domain Capital said: “At a time when the entertainment industry’s sustained growth is supported by a landscape of distribution channels. As the company continues to grow, we are focused on building a diversified asset base to generate cash returns and help preserve our investors’ capital.”
Global Music Business
