Private Equity Firm Set To Acquire SESAC
Private equity firm Rizvi Traverse is is close to acquiring an equity stake in Nashville-based performing rights organization SESAC, according to an FTC filing that provides few specifics. SESAC represents Bob Dylan, Neil Diamond, Lady Antebellum, Mumford & Sons and hundreds of songwriters using a for profit model, unlike it's non-profit competitors ASCAP and BMI.
Neither side would comment on the deal or the filing, first reported by Fortune. Rizvi Traverse's other investments have included Twitter, Facebook, ICM, Playboy, Square, and Summit Entertainment.
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