Reservoir Media, Inc. - RSVR STOCK NEWS

Reservoir Media, Inc. reported a 23% revenue increase for Q1 fiscal 2022, totaling $16.7 million, consistent with expectations. Music Publishing revenues rose by 8% to $12.3 million, while Recorded Music surged 94% to $4.2 million. Operating income was $282,000, and OIBDA reached $4.4 million, marking a 6% increase adjusting for a $617,000 PPP loan forgiveness in Q1 2021. The company completed significant acquisitions, including Tommy Boy Music for $100 million, and raised over $142 million following a business combination.

Reservoir Media, Inc. reported a 23% increase in revenue for the first quarter of fiscal 2022, totaling $16.7 million, driven by a 94% surge in Recorded Music revenues, largely due to robust physical sales in the Chrysalis catalog and the acquisition of Tommy Boy Music. The company’s operating income stood at $282 million, aided by a 6% increase in adjusted OIBDA despite costs associated with becoming public. Reservoir also secured over $142 million from a business combination with Roth CH Acquisition II Co. and successfully acquired several music portfolios.

Reservoir has announced the launch of ESMAA, a UAE-based Rights Management Entity to enhance music licensing in the Gulf region. With agreements to represent global societies like PRS for Music and SOCAN, ESMAA accesses over 30 million musical works, serving regional businesses for the first time. It has also become a Client Rights Management Entity of CISAC, marking a historic development for Gulf music licensing. Founder Hussain 'Spek' Yoosuf highlights the local solution for music rights, while Michael Garin of twofour54 emphasizes the initiative's role in boosting Abu Dhabi's creative industry.

Sidoti & Company has initiated coverage on LGL Systems Acquisition Corp. (NASDAQ: DFNS) and Reservoir Media (NASDAQ: RSVR). The research firm set a price target of $15 for DFNS, which is merging with IronNet Cybersecurity, expected in Q3 2021, and $14 for RSVR post its merger with Roth CH Acquisition II Co.. Sidoti aims to provide independent analysis on SPACs and De-SPACs to aid investors in their decision-making. This coverage expands Sidoti’s previous work with PLBY Group (NASDAQ: PLBY), highlighting an ongoing commitment to SPAC research.

Reservoir Media has appointed Dr. Helima Croft and Ms. Jennifer Lee Koss to its board of directors, effective July 28, 2021. This move coincides with the completion of Reservoir's business combination and aims to strengthen its leadership team.

Both appointees bring extensive experience in capital markets and financial strategy. Croft has nearly two decades of experience, while Koss has a strong background in management consulting and board governance. This transition marks an exciting time for Reservoir as it positions itself as a publicly traded independent music company.

Reservoir Media, Inc. has successfully completed its business combination with Roth CH Acquisition II Co. (NASDAQ: ROCC), making it the first U.S.-based publicly traded independent music company and the first female-founded and led publicly traded music company in the U.S. The merger was approved on July 27, 2021, and Reservoir's common stock will trade under the ticker symbol RSVR starting July 29, 2021. The company raised $150 million through a common stock PIPE and plans to leverage this capital for growth and strategic acquisitions, continuing its strong market presence.

Reservoir has expanded its partnership with Outdustry, a leading music rights company in China, by investing as a minority partner. This joint venture aims to develop Chinese artists and acquire local music catalogs, enhancing Reservoir's presence in emerging markets. Following a successful sub-publishing partnership that saw collections triple, this investment will leverage Outdustry's infrastructure to monetize the growing digital music market. Additionally, Reservoir is progressing towards a public listing through an agreement with Roth CH II.

Reservoir has signed a worldwide publishing deal with artist and songwriter Rufio Hooks, known for co-writing the global hit "Butter" by BTS. The song debuted at #1 on Billboard’s Hot 100 and set multiple records, including the largest debut on Spotify. Reservoir, an independent music company, has grown significantly since its founding in 2007, representing over 130,000 copyrights. This announcement comes as the company prepares for public trading via an agreement with Roth CH II (RSVR).

Reservoir has expanded its talent roster by signing a global deal with renowned producer John Parish, covering his 25-year career work. Parish’s notable collaborations include five albums with PJ Harvey and production for bands like Dry Cleaning.

Emerging artists Elanor Moss and HighSchool have also joined Reservoir, showcasing unique musical styles. This announcement follows Reservoir's agreement with Roth CH II, aiming for a public listing on Nasdaq. Reservoir, founded in 2007, manages over 130,000 copyrights and 36,000 master recordings.