Weeknd reportedly hopes to raise a huge $1 billion by utilizing his music catalog.
according to BloombergThe Canadian singer is looking to use his extensive catalogue to raise $1 billion without actually selling his music rights.
Instead, rights will serve as collateral and allow for substantial collateral to be obtained over the weekend.
Private equity firm Lyric Capital Group is reportedly the leader in assembling packaging that provides $500 million in senior debt, $250 million in junior debt and $250 million in equity.
Weeknd and Lyric Capital Group have not commented on the report.
The “Blind Light” singer has previously said he is ready to retire his weekend nickname.
“[I am closing the chapter] About my presence as a weekend,” he said. “It’s the headspace I have to go into, and I don’t have a desire for me anymore. I think that’s too much…you have a character, but you play the game. It became this Rat race: more acclaim, more success, more performances, more albums, more awards and more first place. It doesn’t end until it ends. ”
He pointed out that the moment he lost his voice at the LA concert in 2022, he had to reschedule after the show started and also played a role.
“Part of me is actually thinking, ‘You lost your voice because it’s done; you said what you want to say. Don’t exaggerate at the party – you can end it now and live a happy life.’ You know what?
However, he did say he had no plans to retire from the music: “I don’t think I can stop doing this. But everything needs to feel like a challenge. Now, for me, no one is doing better than me, no matter what I have mastered, and I’m not going to be more excited about now.
