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Reservoir Media, the New York-listed music publisher and recorded-music owner, is at the centre of a takeover tussle after activist investor Irenic Capital disclosed an unsolicited bid valuing the company at roughly $1.1â$1.2 billion (about $10â$11 per share) in late February.
Irenic, which holds about 9.2% of Reservoir, has been exploring financing that could include catalog-backed loan structures.
Days later (March 4â5) two existing shareholders, Wesbild Inc. and Richmond Hill Investments, submitted a rival unsolicited joint proposal to buy all outstanding shares they do not already own for $10.50 per share.
Wesbild and Richmond Hill together control roughly 65% of the stock, with Wesbild holding about 44% and Richmond Hill about 21%, posing a structural hurdle for any third-party bidder.
Reservoirâs board has formed a special committee of independent directors to evaluate both proposals and other options; the company said it will not comment further unless required.
Reservoir, which went public via SPAC in 2021, owns about 150,000 copyrights and 36,000 master recordings and reported $45.6 million revenue and $19.2 million adjusted EBITDA for the quarter to Dec. 31, 2025.
Shares surged after the initial bid and again on the competing offer news.
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Digital Music NewsMusic Stocks Surge: Spotify Jumps on Arete Research Upgrade, Warner Music Climbs 4%, and Reservoir Surges 18% Amid Reported Irenic Capital Takeover Attempt








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