SESAC Sells Majority Stake

Performance rights company SESAC has closed a deal to sell a majority stake to Rizvi Traverse Management, the private equity firm that also bought ICM Partners, according to people familiar with the transaction.

Rizvi will buy 75 percent of SESAC for about $600 million, according to the Wall Street Journal, from owners including investment bank Allen & Co. and hedge-fund firm Och-Ziff Capital Management Group.

SESAC, which represents artists including Bob Dylan, Neil Diamond, and Rush, has reportedly been on the sales block for months. Closing by Dec. 31 allowed the company to avoid tax increases in the new year.

SESAC, founded in 1930, is one of three U.S. companies that protects copyrights and ensures artists are paid royalties for the public performance of their works. Based in Nashville, SESAC originally represented European composers in the U.S.