Credit: Hank Forsyth and Dan McCarroll, Litmus Music
Music industry veterans Hank Forsyth and Dan McCarroll have come together to launch Litmus Music with the help of Carlyle Global Credit.
The founding members of Litmus have deep roots in the music industry, both artistically and operationally, and are focused on creating value for artists and investors through “thoughtful” music management. Litmus Music will acquire and manage music publishing and music recording rights with an initial commitment of $500 million from Carlyle Global Credit and capital from management.
“Music is more important to society than ever before, and its impact and value is only ever more evident,” said Hank Forsyth, co-founder and chief executive officer of Litmus. “It’s an honor to work with Dan and shape what we’ve talked about for years – a music business and team built on integrity and trust. On the same subject : Syracuse Jazz Fest brings ‘folk music’ back to Clinton Square after 20 years (photos). These core litmus values are shared by Carlyle and we believe they are the best partners to support our team as we begin this journey.”
“Music has been the driving force of my life and I have the greatest respect for the writers and artists who make it and the fans who cherish it,” adds Dan McCarroll, Co-Founder and Chief Creative Officer of Litmus.
“It’s exciting to start litmus with Hank and Carlyle’s partnership. See the article : Big Lake Orchestra brings classical music to Washburn. Our incredible team is all about working together and building a collection of timeless music assets and unforgettable songs that will enrich people’s lives for years to come.”
“Our partnership with Hank and Dan, two highly regarded music industry executives, underscores the value we see in music rights, driven by strong tailwinds and the uncorrelated nature of the asset class,” said Matt Settle, managing director at Carlyle Global Credit. “Streaming and other new media have opened up more ways than ever to consume content and we believe Litmus has the right mix of skills, experience and connectivity to build a successful and differentiated business and care for works, people have devoted their entire lives to creating.”
Only time will tell which music catalogs Litmus chooses, with plenty to choose from. While many of the heavyweights – Bob Dylan, Bruce Springsteen, Sting – are gone, Pink Floyd’s catalog is still available with an estimated price tag of $500 million. Perhaps the wisest litmus choice is to wait and see what smaller catalogs become available in the next availability wave.