According to Billboard, Beyonce's former manager Merck Mercuriadis has raised a jaw-dropping $260 million to acquire the rights the Bey's vast catalog of music, among other artists. Hipgnosis Songs (a Guernsey-registered business listed on the London Stock Exchange) is "looking to acquire eight catalogs from well-known songwriters, spanning over 1,000 songs, including more than 10 Number 1s in the U.K. and U.S."
Before the fundraiser officially began, an official IPO showed interest in Adele, Beyoncé, Justin Bieber, and Kanye West. "I'm delighted that the financial community is supporting our thesis that the proven hit songs we are targeting for acquisition are very investable assets," Merck said in a statement according to the publication.
"I've spent the better part of the last 35 years advocating for great artists, songwriters and producers and my ambition is to grow the fund not only to provide great returns for our investors but equally well in due course to create the leverage that only critical mass can provide to change the songwriters position in the economic model," he added.
Merck has also managed Elton John and Guns N’ Roses.