Hipgnosis backs £1.3bn private equity takeover by Blackstone

Deal would end six years of turmoil for owner of back catalogues of star artists ranging from Blondie to Neil Young and Justin Bieber

The struggling owner of music back catalogues ranging from Shakira to the Red Hot Chili Peppers has agreed a $1.6bn (1.3bn) improved takeover offer from US private equity investor Blackstone.

Hipgnosis Songs Fund said it was recommending the offer, which trumps a rival $1.4bn bid by US-based royalties fund Concord Music.