CAPITAL MUSIC COMPANY is getting a $2 billion investment from Capital Music Group, the music company behind the hit Broadway musical “Hamilton.”
Capital Music will invest $2.7 billion, including $1 billion in the company’s core capital and $1 million in its core strategic investments.
“The announcement is a significant step forward in our journey to achieve a new vision for our business,” said Alex D. Fink, chairman and chief executive officer of Capital Music.
“We are grateful for the investment and are excited to partner with the company for the long term.
We have a unique ability to deliver creative talent, and we know the music community can benefit from an even stronger musical education network.
We’re honored to be able to contribute to the next phase of the journey.”
The company’s assets include Broadway and film projects.
The company has sold two musicals: “The Book of Mormon” and “Hamilton” and produced the musical “Cabaret.”
It also produced the Broadway musical, “The Musical.”
The new investment is part of a $500 million capital infusion from Fink and Capital Music that will enable the company to expand its international reach.
Capital Music announced its plan to expand in January.
The capital infusion follows the launch of a new $5 million global expansion of its international music business, including the opening of a major office in London, the new headquarters in Paris, and a major new studio in Berlin.
In a statement, Fink said the capital infusion is a reflection of the company “taking advantage of our global reach to create new opportunities for our customers.”
“Capital Music is a leader in the global musical arts, with over 150,000 employees in the U.S., Canada, Europe and Australia,” Fink added.
“As part of the financing, we are also increasing our presence in the world’s top entertainment markets.
We will continue to invest in the creative talent that is our top priority and look forward to our continued success in the years ahead.”
Capital Musicians CEO Scott McDaniel added, “We’re excited to be part of this strategic partnership and look ahead to many exciting opportunities in the future.”
Capital Musical will continue operating under Fink’s leadership.
“I’m proud to welcome Scott McDevitt to Capital Music,” F.C. CEO Mark Wertheimer said.
“Scott brings a wealth of experience and proven leadership that will make the company a better place to work, play and learn.
Scott is a passionate entrepreneur who has made a name for himself in the music industry, and I’m confident that he will bring the capital and energy needed to continue to grow the company.”
Capital MUSIC’s portfolio includes major Broadway and films, as well as a new studio, which will produce music for television and digital.
The new studio will be in partnership with Sony Pictures Entertainment, and it will be built in Atlanta.
Capital Musician’s other projects include Broadway, film, theater, radio, stage and film.
The Capital Music company was founded in 2012 and has raised more than $1 trillion from private investors.
F.L.C., the parent company of Capital Musics, was acquired by Fidelity Investments in July 2017 for $2 trillion.