Reservoir is going public through a merger with Roth CH Acquisition Co. II, a publicly-traded special purpose acquisition company with $115 million in trust, it has been announced. The combined company will be renamed Reservoir Media, Inc. and is expected to remain listed on the Nasdaq under the new ticker symbol RSVR. The transaction values the combined company at an enterprise value of $788 million and is expected to provide approximately $246 million in gross proceeds to the company.
Upon closing of the transaction, founder and CEO Golnar Khosrowshahi will continue to lead the combined company, which is based in New York City with offices in Nashville, L.A., Toronto, London, and Abu Dhabi. The move makes Reservoir the first female-founded and led music company to be publicly traded in the U.S. The merger is expected to close in the third quarter of 2021 and existing Reservoir shareholders are rolling 100% of their equity as part of the transaction.
“From day one, our mission has always been to be the best independent music company in the industry,” says Khosrowshahi. “Today we have taken an important step forward in Reservoir’s evolution to fully realize that vision through our partnership with Roth CH II. Our dedication to our songwriters and artists and their music is at the heart of everything that we do, and this path to growth supports our promise to service our clients, enhance value, and build a quality catalog. I am immensely proud of what we have built alongside President & COO Rell Lafargue, and our incredible team whose excellent skills, high-touch client service, and outstanding track record is unmatched.”
Founded as a family-owned music publisher in 2007, Reservoir has grown to represent over 130,000 copyrights and 26,000 master recordings with titles dating as far back as 1900, and hundreds of No. 1 releases worldwide. The catalog includes evergreen compositions such as “It’s Your Thing” by The Isley Brothers, “Ring of Fire” by Johnny Cash, “Take Me Home, Country Roads” by John Denver, and “Señorita” by Shawn Mendes and Camila Cabello. Notable roster signings include Ben Harper, Migos’ Offset and Takeoff, 2 Chainz, Danja, James Fauntleroy, and Ali Tamposi.
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