January 3, 2013 / 2:01 AM / in 5 years

Rizvi Traverse Management buys majority stake in SESAC - WSJ

Jan 2 (Reuters) - Private-equity firm Rizvi Traverse Management LLC has closed a deal to buy a majority stake in music performance-rights company SESAC Inc for about $600 million, the Wall Street Journal reported, citing people familiar with the deal.

Rizvi will buy 75 percent of SESAC, which has been on the block for months and received interest from various private-equity firms, the Journal said. ()

SESAC, founded in 1930, represents artists such as Bob Dylan, Neil Diamond and Rush.

Rizvi Traverse and SESAC could not be reached for comment outside business hours.

The New York Post earlier reported the deal talks.

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