Stargate — Tor Hermansen and Mikkel Eriksen, the Norwegian hitmakers behind such hits as Rihanna’s “Diamonds,” Katy Perry’s “Firework” and Beyonce’s “Irreplaceable” — have sold their catalog to the Entertainment IP Fund of Los Angeles-based investment firm Shamrock Capital, according to multiple media reports. Terms of the deal were not disclosed.
“Tor and Mikkel [pictured above, left and right, respectively] are prolific songwriters and producers who have created an extraordinary body of work that will remain relevant for generations to come,” said Patrick Russo, Partner at Shamrock Capital. “It’s a privilege for us to have had the opportunity to work with them and acquire this truly unique catalogue of music. This diverse catalogue complements our existing music publishing and recorded music rights and advances our long-term strategy of building and holding a portfolio of evergreen properties.”
Hermansen of Stargate said: “This is a great time for music. When you’re starting out in your bedroom making music, you have no idea that 20 years later this can have true value. We’re excited and proud that Shamrock recognizes this value and believes in our music.”
Mikkel Eriksen added: “Jason and Patrick at Shamrock know their numbers, but they’re also music lovers. We feel confident that our life’s work is safe in their hands for years to come.”
Shamrock’s other investments include INgrooves Music Group, Omega Wireless, Screenvision Media, Silvergate Media and Wpromote.