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Article: Investors see potential in music licensing: SESAC proposes first-ever license limited to specific music format.
- Article from:
- Broadcasting & Cable
- Article date:
- May 17, 1993
- Author:
CopyrightCOPYRIGHT 1993 Reed Business Information, Inc. (US). This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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SESAC proposes first-ever license limited to specific music format
Several years ago Stephen C. Swid made a killing in the unglamorous and noncreative business of music publishing. The New York-based entrepreneur bought the CBS catalogue for $125 million and two-and-a-half years later, in 1989, sold it, slightly enlarged, for $308 million.
Now Swid expects to turn another impressive profit in a business even farther down the glamour ladder: music licensing. He has convinced such partners as media-savvy investment bank Allen & Co. and attorneys/entrepreneurs Freddie Gershon and Ira N. Smith that there is money to be made in collecting license fees from ...