GoDigital bags $230M, dumps Cinq Music name
Bank of America has spearheaded a $230 million financing round for GoDigital, the parent entity behind Cinq Music, with additional backing from Mitsubishi UFJ Financial Group and several other institutions. The capital injection pushes the company’s cumulative fundraising past $1 billion, according to statements released on Monday.
The Los Angeles firm announced organizational changes alongside the financing news, restructuring into three distinct units. GoDigital Music, Networks and Brands replace the previous Media Group designation. Chairman and CEO Jason Peterson said the investment validates the music division’s approach of targeting culturally significant repertoire from expanding global markets.
Cinq Music will adopt a different name as part of broader changes within the music division, which manages more than 80,000 catalog assets across multiple genres. The unit raised $250 million last February for acquisitions focused on reggaeton, Música Mexicana, Afrobeats and country music. Recent purchases include catalogs from late producer Flow La Movie and songwriter Jimmy Robbins, who worked on Morgan Wallen’s latest album. Sound Royalties, acquired by GoDigital in 2021, will operate independently outside the restructured music division.
