In today's CMU Daily: Believe has preempted Warner Music’s threat to call in the French markets authority to intervene in its proposed takeover of the company by, er, calling in the French markets authority to intervene in Warner’s proposed takeover of the company

One Liners: Nightwish, Dickson Mbi deals; Interscope Geffen A&M and Absolute Label Services appointments; Official Charts Company launches Top Ten Award; SXSW showcases; Chaka Khan’s Meltdown; Real Estate tour dates; new music from Noga Erez, Walt Disco, Divorce, Luci

Also today: Drake has demanded that his name be taken off hundreds of Astroworld lawsuits; Bad Bunny is suing a fan over concert video uploads on YouTube; Kneecap are among 60 artists who have pulled out of SXSW in protest at the US Army’s sponsorship of the event 

Plus: Karin Ann is CMU Approved

Believe x WMG takeover dance warms up as financial regulator is called in

A potential €17 a share takeover bid by Warner Music for Believe has heated up a little after Believe preempted Warner’s threat to get regulators involved - by calling them in itself. The fact that Believe has issued a statement saying this - rather than just going to the regulators - could be an indication that they think there’s enough uncertainty with things as they currently stand to warrant investors being informed. Or, equally, it could be a purely pragmatic move based on the feeling that it’s better to invite the regulators in than have them come knocking.

Last week Warner Music made a low-key and quietly worded threat that if Believe didn’t play ball with its somewhat theoretical interest in buying the French indie giant then it would turn to France’s financial markets authority, the AMF, and get it to intervene. Part of Warner’s demand included Believe giving it access to confidential information about the Believe business that it says it would need to be able to carry out due diligence in order to be able to turn its theoretical offer into a genuine bid for the company.

Yesterday evening, in a one-two punch, Believe’s “ad-hoc” independent board committee tasked with overseeing potential takeover bids preempted this threat of regulatory intervention by turning directly to the AMF and asking it to give its opinion on a key matter. That was punch one. The potential knock-out blow - and something that will doubtless infuriate Warner - is that Believe will still block Warner from accessing the information that it had requested.

Warner had previously laid out its case for regulatory involvement. It said that an offer from a consortium of investors - led by Believe founder and CEO Denis Ladegaillerie - had stated that it needed approval from the Believe board for its offer, only for the consortium to waive that requirement “after having been made aware of WMG’s proposal”. 

This “wavier” of the “board condition”, Warner said, was something that they believed “violates a number of rules of French securities regulations which are meant to protect shareholders including the sellers and their investors”. The punch came in a seemingly innocuous coda to the preceding legal jargon: “the validity of such waiver could be challenged”. 

To anyone not familiar with spelling their way through financial and legal jargon this may seem to be nothing of consequence. “Could be challenged” doesn’t seem a particularly worrying threat. In reality, they were making it clear, albeit somewhat indirectly, that unless it got access to the information it wanted to be able to make its own offer, it would call in the regulators. That’s a pretty serious matter for listed companies, and something which can tie up a takeover bid in endless red tape and escalating legal costs for months.

By turning to the regulator before the regulator comes knocking, Believe has potentially jumped a key obstacle to the €15 a share takeover bid led by Believe CEO and founder Denis Ladegaillerie, backed by Believe’s biggest shareholder and long-term VC partner TCV, and Swedish private equity giants EQT. 

There are two interesting points raised by this move. First, why would the ad-hoc committee prevent Warner accessing information that might allow it to refine its bid and put forward a formal offer that is €2 per share higher than the current €15 a share proposal? On the face of it, this could appear that the committee is favouring the lower private equity bid, which might seem inconsistent with its remit to act in the interests of Believe, its investors, and its employees.

Secondly, why might the regulator agree that the “board condition” could be waived, which would seemingly favour the €15 a share offer at the expense of Warner’s possible €17 a share?

Assessed on purely objective financial metrics, it would make sense that a €17 a share offer would be better than €15 a share. On this basis, the ad-hoc committee should give Warner the information it needs to prepare a strong competing bid, and the regulator should tell the private equity consortium that it can’t remove the requirement for board approval to push through its offer.

However, when you look more closely at what’s going on, things are not nearly so straightforward - and the actions of the ad-hoc committee may well be the best current outcome for everyone involved. Unless you are Warner.

AEG Europe // Strategy And Insights Analyst (London)

AEG Presents // Tour Accountant, International Touring (London)

Kilimanjaro Live // Event Coordinator (London Hybrid)

Horizon is CMU's new weekly newsletter - published each Friday - that brings you a hand-picked selection of early-stage career opportunities from across the music industry.

Whether you're looking for your first job in music or you're ready to take a step up, Horizon is here to help you find your dream job faster.

👉 Click through to see the current selection.

ONE LINERS

SXSW, Official Charts Company, Nightwish + more

DEALS

Nightwish have marked their 20th anniversary of signing to Nuclear Blast by re-signing their deal with the metal label. “20 years ago our journey together with Nuclear Blast started and the time has now come to renew our vows”, says the band’s Tuomas Holopainen. “Superbly excited to see what kind of magic we can cook up together this time!”

Wise Music Group’s Chester Music has signed Dickson Mbi to a publishing deal, solidifying an existing relationship developing work to accompany his choreography. "I see Wise as part of my family”, he says. “So, to make this official and begin this journey of my artistic musical development means a lot to me”.

APPOINTMENTS 

Universal Music’s Interscope Geffen A&M (or IGA if you prefer) - now part of the newly formed Interscope Capitol Labels Group - has announced thirteen appointments in its pop/rock and urban divisions. So many we’re going to have to break them up into separate one liners, which sort of spoils the format of this news in brief section. Thanks, guys.

In IGA’s pop/rock division you’ve got Michelle An (co-President of IGA and Head Of Creative Strategy), Sam Riback (co-President of IGA and Head Of Pop/Rock A&R), Matt Morris, (EVP Pop/Rock A&R), Chris Mortimer and Kirsten Stubbs (co-Heads Of Pop/Rock Digital), Adrian Amodeo (SVP Pop/Rock Marketing), and Chelsea Dodson (VP Pop/Rock Visual Creative). 

Over at IGA’s urban division, the new hires and promotions are Nicole Wyskoarko (co-President of IGA and Head Of Urban A&R), Laura Carter (EVP and Head Of Urban Marketing), Aaron ‘Dash’ Sherrod (President Of Geffen Records Urban A&R), Ramon Alvarez-Smikle (EVP and Head Of Urban Digital), Lola Plaku (SVP Urban Marketing & Strategy), and Andrew Ibea (SVP Visual Creative and Head Of Urban Creative).

“Each of these executives exemplifies the culture of innovative thinking, entrepreneurial spirit and wide-ranging success that have long defined IGA”, says Interscope Capitol Labels Group CEO John Janick. “As we continue to solidify our team and finalise the redesign of our broader company, we are creating a modern music company that will set the standard for our industry and provide the optimal environment in which our artists can thrive and achieve excellence in music”.

Absolute Label Services has announced three new hires. Dominic Squire joins as Senior Label Manager, Jimmy Smith as Campaign Coordinator, and Finn Peat in an entry level role as part of the company’s digital rights team. “As our business continues to grow, we’re delighted to be able to welcome Dominic and Jimmy to the team”, says director Mark Dowling. “Their combined industry experience is sure to be of huge benefit to our clients. We’re also pleased to be able to give Finn his start on what promises to be a successful career in the industry”.

AWARDS 

The UK’s Official Charts Company has announced the introduction of the Official Top Ten Award, which sits alongside the existing Official Number One Award. It means handing out lots more trophies, this time to artists who “cross the top ten threshold - from established acts scoring a hard-earned personal best to rising stars breaking into the top ten for the very first time”. Says CEO Martin Talbot, “Since we presented the first Number One Award in December 2011, hundreds of artists have received our iconic trophy. But following requests to create a new award to recognise a greater range of chart achievements, we’re delighted to launch the Top Ten Award”.

SXSW

South By Southwest is underway in Austin Texas once again and here are some things to look out for if you are there. First, four UK artists who have received support from the PRS Foundation and BBC Music Introducing will perform at the British Music Embassy later this week: Bodur, Miso Extra, Sanity and Jaz Dhami. “We’re really excited to be there with them as they take on their first international showcase”, says BBC Music Introducing Editor Kelly Betts. “We believe these artists are future icons in the making. The collaboration with PRS Foundation allows us to help brilliant UK talent perform their music internationally, and together we’ve supported Self Esteem, Little Simz and Rag N Bone Man”.

The Scotland At SXSW showcase from Wide Days will take place at The Creek And The Cave tomorrow night from 8.20pm to 2am. Performing will be Humour, Iona Zajac, Mama Terra, Neon Waltz, Rory James, Spyres and Vlure.

Focus Wales will also be holding its SXSW showcase at The Creek And The Cave tomorrow night from 7pm to 2am. On the bill are Gruff Rhys, Islet, HMS Morris, Lemfreck, Aleighcia Scott, Minas and Otto Aday. 

Hamburg's Reeperbahn Festival will host a networking event at SXSW this week, with representatives from US, Canada and UK independent label trade bodies A2IM, CIMA and AIM in attendance. It will take place at the East Austin Hotel at 2.30pm on 14 Mar, with a showcase at Shangri-La the same evening. 

GIGS & FESTIVALS 

The first names for this year’s Chaka Khan curated Meltdown Festival at the Southbank Centre in London have been announced. As well as Khan herself, performers will include Mica Paris, Morcheeba, Incognito, Speakers Corner Quartet, Judi Jackson and Cardinal Black. ‘It's an honour to share with you some of the brilliant artists that will be celebrating the diversity and legacy of Meltdown”, says Khan. “We are all family. Get ready to sing, dance and feel the love!”

Real Estate have announced UK tour dates in October, kicking off with a show at St John at Hackney Church in London on 3 Oct. Tickets are on sale now. 

RELEASES

Noga Erez has released new single ‘Come Back Home’. 

Walt Disco will release their second album ‘The Warping’ on 14 Jun. Their new single ‘You Make Feel So Dumb’ is out now. 

Divorce have released new single ‘Gears’. They’ve also just announced two hometown shows at Bodega in Nottingham on 25-26 Sep and a London show at Islington Assembly Hall on 23 Oct. 

Luci has released new single ‘Thunder Calling’. Her debut album ‘They Say They Love You’ is out on 19 Apr. 

Drake asks to be removed from Astroworld lawsuits

Drake has requested that he be removed from the ongoing Astroworld litigation in the Texas courts. A new legal filing argues that the musician has "no recognised legal duty" in relation to the 2021 music festival where ten people died and hundreds more were injured during a crowd surge. 

Appearing on stage for just fourteen minutes during Astroworld founder Travis Scott's headline set, Drake "did not organise, promote, plan or participate in the organisation, promotion or planning of the festival", the legal filing states. Nor did he "hire, contract, employ, supervise, direct or control any concert organisers, promoters, planners, premises personnel or security for the festival". 

Indeed, Drake didn't even have a contract for - or receive any payment from - his guest spot. "[Drake] did not execute any agreement or contract relating to his surprise guest appearance", the court papers explain, "[he] had no contractual duties relating to the festival and was not compensated for his surprise appearance". 

Hundreds of lawsuits involving more than 2500 people were filed following the Astroworld crowd surge tragedy, which occurred during Scott's headline set at the Houston, Texas festival. Some of the families of those who died have settled, but the majority of the cases continue to work their way through the system, having been grouped into one big round of litigation.

The main defendants in the lawsuits are Scott and his festival's promoters, Live Nation and its Scoremore subsidiary. However, other people and companies involved in the event have also been named as defendants in some of the cases. Drake says that less than half of the plaintiffs have included him as a defendant, based on his appearance during Scott's set. But, given his limited connection to the festival, all and any claims against him personally should be dismissed. 

The new legal filing also sets out Drake's involvement in the festival. "On the evening of 5 Nov", it explains, "[Drake] arrived at the venue at approximately 7.30pm and remained largely secluded backstage in a trailer until approximately 9.54pm. At approximately 9:54pm, he was informed to take the stage. He immediately took the stage as requested, performed for approximately fourteen minutes, and then exited the stage at 10.08pm".

Police had already declared a 'mass casualty event' at 9.40pm as a result of the crowd surge, before Drake took to the stage. However, the legal filing states, he "was never informed by any person, including any festival personnel or security, at any time, of injuries to concertgoers, or that he was to perform for a limited time or less time than he had originally planned". 

Three other companies involved in Astroworld that have been named as defendants in some of the lawsuits have also asked to be removed. They are security companies Contemporary Services Corporation and Apex Security Group Inc, and medical services provider ParaDocs Worldwide Inc.

Approved: Karin Ann

At just 21, Slovakian musician Karin Ann already has an impressive body of work behind her, and as she gears up for the release of her latest album later this year, she looks set to bring that to a wider audience. Working with producer Benjamin Lazar Davies, her new single ‘She’ is an expertly crafted alt-pop song, with instantly catchy hooks and a depth that reveals new layers the more you hear it. 

"I don't dive deep into the details of my songs; I enjoy letting people discover their own meanings and relate them to their own lives”, she says of the new track. “My struggle with insomnia often leads me to write during sleepless nights. One night, browsing through my phone notes, I stumbled upon a sentence that sparked inspiration”.

“Most of my songs lean towards the sad or melancholic, but this particular lyric was different”, she goes on. “I find it challenging to write happy songs, so it felt like creating [the] character [in the song] allowed me the freedom to explore new territories with ‘She’".

If you’re at SXSW, you can catch Karin Ann tonight at Shangri-La or The Iron Bear on 16 Mar. She will also be playing The Great Escape in May.

🎧 Listen to ‘She’ here.

Setlist Podcast: Apple blames Spotify for €1.8 billion fine

On this week's show we discuss the €1.8 billion fine Apple has been ordered to pay by the EU following an investigation into claims of anti-competitive behaviour made by Spotify, and Live Nation's explanation of why everyone else in the music industry is to blame for rising ticket prices.

🎧 Click here to listen - or search for 'Setlist' wherever you normally listen

Bad Bunny sues fan over unofficial concert recordings on YouTube

Bad Bunny has sued a fan who uploaded videos recorded at a recent show in the US to a YouTube channel. But, the rapper's representatives insist, he has primarily gone legal in order to provide the paperwork YouTube says it needs to permanently block the offending content. 

To be clear, these aren't the kind of concert clips that normally fill social feeds after a big show, they are high quality recordings of full songs. "Each of the unauthorised bootlegs", says the lawsuit, "negatively impacts the market for authorised uses of the Bad Bunny works by, among other things, luring YouTube viewers and associated advertising revenue away from authorised videos of the Bad Bunny works and the official Bad Bunny YouTube channel". 

As you'd expect, Bad Bunny - real name Benito Ocasio - initially had his team get the videos taken down via YouTube's Content ID rights management system, which is a pretty standard process whenever an artist or label reckons a YouTube user has infringed their rights in a damaging way. 

However, the uploader, Eric Garrone, formally objected to the takedowns instigated by Ocasio's people. Under the US copyright law that regulates these takedown processes, that means YouTube needs to get more paperwork from Ocasio or allow Garrone's videos to be reinstated. 

According to Billboard, YouTube told Ocasio's team via email, “Your response must include evidence that you’ve taken legal action against the uploader to keep the content from being reinstated to YouTube. Usually, evidence would include a lawsuit against the producer which names the YouTube URLs at issue and seeks a court order to restrain the alleged infringement". 

Even if Garrone could make a claim to ownership of the rights in the videos he recorded, under copyright law he'd need to get permission from the performers that feature, in this case Ocasio, to make and exploit the recording. Plus Ocasio could also block the distribution of the videos on the publishing side, as he and his publisher control the separate rights in the songs. 

In fighting the takedowns, Garrone is relying on the pesky fair use defence by basically positioning his videos as news reporting. The videos were recorded, he argues, on the first date of Ocasio's North American tour, which constitutes "a newsworthy event of high public interest and significant informative scope". 

He also reckons Ocasio should be grateful for the free promo, which is possibly the only justification for using copyright protected works without permission that annoys artists more than people claiming fair use. 

Ocasio's lawsuit hits back at the fair use defence, insisting it doesn't apply and therefore Garrone's videos infringe the rapper's rights and should be permanently removed from YouTube. It also makes some extra claims of trademark infringement, just for good measure.

Kneecap among the bands boycotting SXSW over involvement of US army and defence companies

As the music side of South By South West got underway in Austin, Texas yesterday, The Austin Chronicle reported that about 60 acts have pulled out of official showcases because of the involvement of the US Army and defence companies in the music conference and showcase festival. Those connections with the military are proving controversial this year because of the conflict in Gaza. 

One of the acts to join the boycott is Northern Irish rap group Kneecap, who said on X, "We have made the decision to cancel our three shows at SXSW and not travel to Austin as planned. It is done in solidarity with the people of Palestine and to highlight the unacceptable deep links the festival has to weapons companies and the US military who at this very moment are enabling a genocide and famine against a trapped population". 

The US Army is one of six 'super sponsors' at SXSW this year. Meanwhile, the involvement of defence companies BAE Systems, RTX and Collins Aerospace has also been criticised, the latter sponsoring awards presented as part of a start-up pitch showcase.

Kneecap's social media post continued, "We cannot in good conscience attend an arts festival that has the US Army as a ‘super sponsor’ and is platforming RTX (formerly Raytheon), Collins Aerospace and BAE Systems, the very companies selling the weapons that have murdered 31,000 Palestinians, over 21,000 of them women and children. This is ten times the number of people killed in a 30 year war in the North of Ireland... in five months. These organisations are literally profiting from and facilitating war crimes". 

"This decision will have a significant financial impact on Kneecap", the group admitted, "both on lost income and on logistical costs already incurred, but it isn’t an iota of hardship when compared with the unimaginable suffering being inflicted every minute of every day on the people of Gaza". 

"That the organisers of SXSW have taken the decision to mix the arts with the military and weapons companies is unforgivable", they continued. "That they have done so as we witness a genocide facilitated by the US military and its contractors is depraved. We did consider only playing ‘unofficial events’ but this would still contribute to the festival indirectly. To those who have bought tickets to our SXSW shows, we know you will understand our decision and hope you can make other dates/cities on our upcoming North American tour". 

The Austin For Palestine Coalition is maintaining a list of all the artists who have pulled out of SXSW because of the involvement of the military and defence companies. The APC has also been staging protests around the event since it began last week, and has been involved in a legal back and forth with SXSW management over its use of the festival's logo in a social media post about its campaign.