Blackstone wins bidding war for UK music rights firm

Blackstone, a US private equity firm, secured victory on Thursday in a takeover contest for the struggling UK music rights owner Hipgnosis Songs Fund. This came after the American group Concord decided against enhancing its bid. Concord, a competitor of Hipgnosis, stated in a release that it would not increase its $1.5 billion offer following Blackstone's agreement on a $1.6 billion offer.