RESERVOIR MEDIA, INC. New York, June 28, 2023- Reservoir Media, Inc. (NASDAQ: RSVR), an award-winning independent music company, today announced the acquisition of the catalogs of four of the founding members of the beloved R&B and pop vocal group The Spinners, including the master royalty income streams for Henry Fambrough, and the late Billie Henderson, Pervis Jackson, and Bobbie Smith.
Officially formed in 1954, The Spinners enjoyed massive success throughout the 1960s and 1970s and helped define the Philly soul sound. Across the group's career, they earned six Grammy nominations, 30 Billboard Hot 100 hits, and 40 Hot R&B charting songs including six #1s. In recognition of their numerous achievements, The Spinners earned a star on the Hollywood Walk of Fame, were inducted into the Vocal Group Hall of Fame, and were announced as inductees in the 2023 class for the Rock & Roll Hall of Fame, with a ceremony to be held on November 3, 2023, at New York City's Barclays Center.
Their countless hits include "It's a Shame," co-written and produced by Stevie Wonder, and many #1 collaborations with Philadelphia soul sound writer-producer Thom Bell, including "I'll Be Around," "Could It Be I'm Falling in Love," "One of a Kind (Love Affair)," "Mighty Love - Pt. 1," and "The Rubberband Man." "The Rubberband Man" notably experienced renewed popularity in 2018 after being featured in the blockbuster Marvel film Avengers: Infinity War. The group also released a duet with Dionne Warwick, "Then Came You," which was a Hot 100 #1, and their medley of "Working My Way Back To You/Forgive Me Girl" reached #2 in the US and #1 in the UK. Over their decades-long career, The Spinners released 20 studio albums, including five Gold-certified releases: Spinners (1973), Mighty Love (1974), New and Improved (1974), Pick of the Litter (1975), and Happiness Is Being with the Spinners (1976). Most recently, they released their 2021 Round the Block and Back Again, which earned them fans from a new generation of listeners.
On the deal, Henry Fambrough, the only remaining living member of the inductees, said, "I am ecstatic that the heirs of Bobbie, Pervis and Billie received the proceeds of what is a significant catalog sale. With this sale and the timing of this induction into the Rock and Roll Hall of Fame, I am extremely honored but lamented Bobbie, Pervis, Phillipe and Billie are not here to share the catalog sale and Hall of Fame ceremony, both a wonderful moment in time."
Reservoir Executive Vice President of A&R and Catalog Development Faith Newman added, "The Spinners and their catalog of hits are truly timeless. The way their music continues to connect with listeners and live on decades after release is a testament to all their towering musical achievements." She added, "It is a true honor to continue building the Reservoir catalog with legends like The Spinners, and we look forward to supporting their enduring legacy."
Fambrough added, "I'd also like to express my appreciation for the efforts of The Spinners' General Counsel Paul Mathis, as well as Attorney Marvin Katz, who brought the sale to The Spinners and along with Mathis represented the group in the transaction."
ABOUT RESERVOIR
Reservoir is an independent music company based in New York City and with offices in Los Angeles, Nashville, Toronto, London, and Abu Dhabi. Reservoir is the first female-founded and led publicly traded independent music company in the U.S. Founded as a family-owned music publisher in 2007, Reservoir has grown to represent over 150,000 copyrights and 36,000 master recordings with titles dating as far back as 1900 and hundreds of #1 releases worldwide. Reservoir frequently holds a Top 10 U.S. Market Share according to Billboard's Publishers Quarterly, was twice named Publisher of the Year by Music Business Worldwide's The A&R Awards and won Independent Publisher of the Year at the 2020 and 2022 Music Week Awards.
Reservoir also represents a multitude of recorded music through Chrysalis Records, Tommy Boy Records, and Philly Groove Records and manages artists through its ventures with Blue Raincoat Music and Big Life Management.
Media Contact
Reservoir Media, Inc.
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Vice President, Marketing & Communications
sa@reservoir-media.com
www.reservoir-media.com
Investor Contact
Alpha IR Group
Jackie Marcus or Alec Buchmelter
RSVR@alpha-ir.com
Source: Reservoir Media, Inc.
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Reservoir Media Inc. published this content on 28 June 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 June 2023 12:05:00 UTC.
