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Business News Deals Digital Management & Funding
US investment firm takes “major position” in PledgeMusic
By Chris Cooke | Published on Wednesday 24 February 2016
The entertainment division of New York-based investment firm Magna has announced a number of new investments, including taking a “major position” in direct-to-fan and pre-order platform PledgeMusic.
As MusicAlly notes, Magna already has an alliance with Pledge, with the boss of its entertainment division, former record industry exec Russell Rieger, joining the direct-to-fan firm’s board a year ago.
Magna CEO Joshua Sason is also a board member, alongside PledgeMusic co-founder Benji Rogers. The size of Magna’s investment is not known, but the backing will presumably provide some stability for Pledge as it continues to grow and evolve.
Confirming the new investment in Pledge and other entertainment ventures, including a short-form video platform and some film projects, Rieger said: “Content has never been more in demand, nor more accessible through an abundance of new platforms. We bring a new perspective to investments in the space, but also communicate the needs of investors and the financial community to the corridors of the entertainment industry. We see ourselves as a bridge that is uniting both approaches and perspectives”.
