GoDigital Media Group, a media and technology holding company focused on intellectual property rights management, has infused Los Angeles-based music distributor, label and publisher Cinq Music with $100m in Series D funding. The announcement was made by GoDigital Chairman and CEO Jason Peterson. Cinq Music will use the funding to purchase music rights, both masters and publishing, and to further its international expansion. GoDigital's music portfolio is backed by Bank of America as lead lender, with East West and Union Bank rounding out the syndicate. Additional details of the funding were not disclosed.
LOS ANGELES, April 20, 2022 /PRNewswire-PRWeb/ -- GoDigital Media Group, a media and technology holding company focused on intellectual property rights management, has infused Los Angeles-based music distributor, label and publisher Cinq Music with $100m in Series D funding. The announcement was made by GoDigital Chairman and CEO Jason Peterson. Cinq Music will use the funding to purchase music rights, both masters and publishing, and to further its international expansion. GoDigital's music portfolio is backed by Bank of America as lead lender, with East West and Union Bank rounding out the syndicate. Additional details of the funding were not disclosed.
"Our continued ability to fund Cinq Music for its acquisitions is grounded in music rights being a durable annuity-like asset," says Peterson. "Across our business units the past four years, GoDigital has invested more than $350mm through multiple capital vehicles. Our 2019 series C funding for Cinq helped acquire the iconic Beluga Heights record label and artist Jason Derulo's catalog. Cinq is having great success scaling its label, distribution and publishing capabilities while executing GoDigital's proven business model for global rights management."
"Bank of America is pleased to work with the GoDigital leadership team through this expansion," said Randy Hua, Head of the Entertainment Industries Group at Bank of America. "GoDigital's investment in Cinq Music, and its growth strategy in underserved countries, propels the music industry as a whole."
Says Cinq President Barry Daffurn, "The ever-increasing level of support we receive from GoDigital Media Group continues to help us move our label toward being the number one destination for music creators. We are excited for what the future holds, being a preeminent partner to rightsholders in large and fast-growing markets around the world. Today we have boots on the ground in 11 countries and territories including the U.S., Mexico, Colombia, Argentina and South Korea with more to come."
Adds GDMG CFO Hunter Paletsas, "The whole GDMG family is proud of what Cinq continues to accomplish. Cinq is truly fulfilling GoDigital's mission "to inspire happiness by sharing creativity."
About GoDigital Media Group:
GoDigital Media Group ("GDMG") is a multi-national holding company focused on technology enabled intellectual property rights management across three verticals: (i) music, (ii) video, and (iii) brands. GDMG's mission is to "inspire happiness through sharing creativity." Its 'digital first' subsidiaries provide best-of-breed capabilities in IP acquisition, distribution, and collection marketing locally popular content to global audiences. GoDigital content is streamed more than 100 billion times per year. See godigital.com for a list of GDMG's subsidiaries.
About Cinq Music Group:
Cinq Music is a technology-driven music distributor, record label, and rights management company. Cinq's repertoire has won Grammy awards, dozens of Gold and Platinum RIAA certifications, and numerous number one chart positions on a multitude of Billboard charts. Its repertoire includes culturally significant artists in Latin Music such as Anuel, Arc Angel, Bad Bunny, Daddy Yankee, Fuerza Regida, and Natanael Cano and English language Pop and Hip-Hop icons such as Janet Jackson, Jason Derulo, Sean Kingston, T.I., and many more.
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Media Contact
Steven Fisher, GoDigital Media Group, 8186881502, [email protected]
SOURCE GoDigital Media Group
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