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MERLIN SELLS ITS SPOTIFY SHARES

Independent label rights organization Merlin has sold its stake in Spotify and written checks for its members, Music Week reports.

Merlin provided no details on the sale. When the streaming site launched a decade ago, Merlin had about a 1% stake, which has changed since then.

Like other music organizations, Merlin does not hold equity positions in companies long-term and therefore quickly liquidated shares after the company went public.

"Merlin is an organization that exists solely to maximize the value of our members’ rights and keeps only the monies that it needs to operate,” Merlin CEO Charles Caldas told Music Week.

Merlin has about 800 members in 53 countries.

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