DOWNTOWN HAS ANOTHER $200M TO SPEND

Downtown Music Holdings has established a $200m fund to support independent artists and business owners thanks to a new credit facility with Bank of America.

The money will be used by Downtown’s distribution, publishing-administration and artist- and label-services operations.

“This financing enables us to expand our music-services business by giving creators and business owners the ability to finance projects in an environment where the options are often unpalatable,” said Andrew Bergman, CEO of Downtown Music Holdings.

Randy Hua, head of the Entertainment Industries Group at Bank of America, said, “Downtown’s new fund is a powerful resource, empowering music creators all over the world. Bank of America is pleased to help finance this innovative sector of the artistic economy.”