Investing in royalties on tracks by The Beatles and Celine Dion has netted a fortune for a former Bear Stearns & Co. analyst.
(Bloomberg) — Investing in royalties on tracks by The Beatles and Celine Dion has netted a fortune for a former Bear Stearns & Co. analyst.
Josh Gruss, 49, stands to pocket almost $15 million after the takeover of Round Hill Music Royalty Fund Ltd., which he founded in 2010.
The fund on Friday agreed to be acquired by Alchemy Copyrights LLC — trading as Concord — in a deal worth $468.8 million.
At the agreed takeover price of $1.15 a share, Gruss’s 3.15% stake is worth $14.8 million, according to data compiled by Bloomberg. His father, Martin — known for his time at former Wall Street hedge fund Gruss Capital Management — holds a stake of a similar size, the data show.
A spokesperson for Josh Gruss declined to comment.
Josh Gruss worked as an analyst at Bear Stearns from 1999 to 2001 before becoming a partner at Gruss & Co., according to his LinkedIn profile.
Round Hill’s music portfolio contains more than 120,000 songs including The Beatles’ She Loves You and The Twist by Chubby Checker, according to the company’s website.
The roster also includes Meat Loaf’s 1990s number I’d Do Anything for Love (But I Won’t Do That) and more recent hits such as Marry Me by Bruno Mars.
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