UPDATED: Concord Music Publishing and Pulse Music Group today announced “an exclusive joint venture music publishing business.” Concord, which acquired Fujipacific Music’s global stake in Pulse, will administer the catalog and all future signings from Pulse.
While neither company would confirm the “north of $100 million” figure reported by Music Business Worldwide for the deal, the sum is likely to be substantial, considering Pulse’s roster and its catalog of hits, which include shares in the smashes “Havana” by Camila Cabello and “Girls Like You” by Maroon 5 (both co-written by Starrah) and “Despacito (Remix)” by Luis Fonsi and Justin Bieber (Marty James). Pulse’s roster also includes Ty Dolla $ign, OZ, Tyler Johnson, YEBBA, Rich the Kid, James Blake, YBN Cordae, El-P, Bonnie McKee and many others.
According to the announcement, “The joint venture will capitalize Pulse Music Group’s continued expansion and increase its ability to invest in the brightest talent supported by Concord’s global administration platform.”
Pulse principals Scott Cutler and Josh Abraham, along with their executive team including president Maria Egan and VP Ashley Calhoun, will run the joint venture.
“Scott and Josh are proven winners whose business built from scratch is both complementary to and strategic with Concord’s ambitions in music publishing,” said Concord Chief Publishing Executive, Jake Wisely. “It was quickly apparent that Pulse would make a great partner for us and Pulse recognized that Concord is the best fit for them. I’m also grateful to do business with longtime friend and colleague Ichi Asatsuma of Fujipacific.”
“From Day 1, we built Pulse Music Group as a world class incubator for culturally relevant songs. We wanted to create a haven built by songwriters, for the modern songwriter culture,” said Pulse’s Cutler and Abraham. “Through the hard work, A&R prowess, and passion of our entire team combined with the global footprint, financial capacity and administration expertise of the team at Concord, we are now well on our way to achieving that
Named the 2018 AIMP Music Publisher of the Year, Pulse has a catalog of more than 10,000 songs and 175 active clients. Its catalog includes also includes shares in “Sorry” by Justin Bieber (BloodPop), “Roar” and “California Gurls” by Katy Perry (both Bonnie McKee) and “Sicko Mode” by Travis Scott (OZ).
Encompassing all of Pulse’s existing creative ventures, this exclusive partnership includes American Songs, the publishing entity founded by legendary music producer Rick Rubin; Magnus Media, the Latin entertainment company founded by international icon Marc Anthony; Creative Nation, the multiple award-winning and country chart dominating music publishing and management company created by Luke and Beth Laird; Wide Eyed Entertainment, the management and publishing company founded by Beka Tischker; and Beat House, the LA-based music agency founded by Tiffany Kumar.
Fujipacific will continue to sub-publish the Pulse catalog and new works in Japan, India and Southeast Asia (including China, Hong Kong, Macau, Taiwan, Singapore, Philippines, Indonesia, Malaysia, North Korea, South Korea, Vietnam, Cambodia, New Guinea, Myanmar, Sri Lanka, Borneo and Thailand). Music Asset Management will continue to administer the PULSE catalog and new works until July 2020.
The transaction was managed and negotiated for Concord by Steve Salm, Bob Valentine, Larry Blake, Dan Hoffman and Evelyn Paglinawan with outside counsel provided by Reed Smith and financial advisory by Brian Richards of Squarefield Capital. PULSE Music Group’s team was led by David Dunn and Robert Law of Shot Tower Capital and Jeffrey Light of Myman Greenspan Fox Rosenberg Mobasser Younger & Light LLP with counsel provided by Venable LLP.