Private-equity firm Rizvi Traverse Management, LLC has closed a deal to buy a majority stake in performance rights organization SESAC, Inc. for approximately $600 million, as reported by The Wall Street Journal.
The purchase will give Rizvi 75 percent ownership of SESAC, which has been on the block for months and received interest from various private-equity firms, the Journal said.
Based in Nashville, SESAC has the exclusive rights to the public broadcast or performance of such legendary artists as Bob Dylan and Neil Diamond.
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Sherod Robertson is President and Owner of MusicRow Enterprises. He oversees all operations and develops strategic initiatives for MusicRow magazine, RowFax, and MusicRow's CountryBreakout chart. Robertson previously served as Director of Finance of Arista Records after beginning his career as Vice President of Finance and CFO at Reunion Records.View Author Profile
