Avex rebounds on announcement of special purpose company establishment in the U.S.
Avex Inc. <7860> rebounded. The company announced after the close of trading on the 30th that it will establish special purpose companies (SPCs) in the United States, which appeared to be viewed as positive news. With the aim of strengthening its music-related rights (music catalog) management and operation business in the U.S. and overseas markets, the company will establish Avex Catalog Fund 1 and Avex Song Fund 1 as SPCs. Investment is scheduled for April. In relation to this, the company also announced the conclusion of a loan agreement with financial covenants for Avex Song Fund 1. In the United States, secondary distribution of music catalogs by music publishers, record labels, investment funds, and other institutional investors has become increasingly active.
Source: MINKABU PRESS
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