‘Niche’ sounds a bit harsh: the music rights that Cutting Edge Group (CEG) acquires are from some of the most popular TV, film, theatre productions and game soundtracks. Now it’s secured funding to buy plenty more of them.
The company has announced a $500m debt refinancing with four banks, led by Fifth Third Bank and Northleaf Capital Partners.
CEG said that it plans to use the funding for “a combination of corporate purposes and the acquisition of music rights” – having already identified $1.5bn of potential buys in the latter category.
Any new acquisitions would join a portfolio that includes music from properties including John Wick, Elf, The Jungle Book, The Office, South Park, Stranger Things, The Crown, Ted Lasso, Matilda: The Musical and Cyberpunk 2077.
CEG has also acquired ‘wellness’ music rights from more than 75 songwriters and artists, responsible for “several billion” streams as functional music continues to grow on streaming services.
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