07:16 AM EDT, 06/03/2024 (MT Newswires) -- Hipgnosis said Monday in a regulatory filing that Blackstone (BX) has increased its offer to buy the music rights owner by one cent to $1.31 in cash per share.

The revised deal values Hipgnosis at around $1.58 billion.

Hipgnosis owns a portfolio of 138 catalogues with more than 40,000 songs, including the music rights of artists such as Shakira and Red Hot Chili Peppers.

The deal requires an approval of 75% of Hipgnosis shareholders.

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