Private-equity firm Rizvi Traverse Management, LLC has closed a deal to buy a majority stake in performance rights organization SESAC, Inc. for approximately $600 million, as reported by The Wall Street Journal.
The purchase will give Rizvi 75 percent ownership of SESAC, which has been on the block for months and received interest from various private-equity firms, the Journal said.
Based in Nashville, SESAC has the exclusive rights to the public broadcast or performance of such legendary artists as Bob Dylan and Neil Diamond.
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