Mojo Music & Media has purchased a majority stake in London-based Chelsea Music. The indie label will remain in operation and will serve as the London presence for Mojo.
Chelsea Music was founded by industry veteran Eddie Levy, who will stay on as Managing Director and CEO. Levy founded Chelsea over 33 years ago after previously working for ATV Music, Welbeck Music, and Heath Levy Music.
Mojo was founded earlier this year by Fried, Peter Shane, and Allan Wallis. The group also announced the acquisition of Nashville-based HoriPro Entertainment Group at the time. The acquisition of Chelsea means Mojo will have access to some long-term administration and sub-publisher arrangements for songs cemented in the minds of most Americans.
Some tunes cut straight from Americana that are administered by Chelsea include:
- “Come Fly With Me”
- “High Hopes”
- “Ain’t That A Kick In The Head”
- “Game Of Love”
- “Classical Gas”
- “In the Year 2525”
- “Right Back Where We Started From”
- “Just The Two Of Us”
- “Rock The Boat”
- “You’re No Good”
- “Candy Girl”
In addition to that trove of classics, Chelsea also owns mid-60s songs by Paul Hampton, Nick Nicely’s “Hilly Fields,” Phil Wigger’s Eurovision song “I’m Never Giving Up” and more.
Mojo’s CEO and founder Mark Fried gave Levy a serious vote of confidence. “Eddie’s five-decades of experience will be invaluable in terms of our growth aspirations and Chelsea’s first-rate administration and auditing capabilities will be at the very heart of the world-class custom royalties platform we’ve built,” Fried stated.
The deal represents the latest publishing catalog grab, a shopping spree spurred by increasing valuations of songwriting assets. Indeed, the bullish long-term forecast on publishing assets has only been strengthening lately, especially following the passage of the Music Modernization Act in the US. Once implemented, the law opens a steady stream of mechanical licensing payments, though platforms like Spotify are fighting songwriter (and publisher) royalty increases.