Universal Music Group agreed to divest (sell) Downtown Music subsidiary Curve Royalty Systems as part of its negotiations to get its Downtown acquisition approved by European regulators.
Now we know the identity of the buyers. Investment firm Jamen Capital and indie licensing agency Merlin have partnered to acquire Curve for an undisclosed amount, pending approval by the European Commission.
The companies promised that the deal was “specifically designed to preserve Curve’s neutrality and independence”, adding that they intend to give it the financial backing to “accelerate its growth opportunities and build more products to serve its community”.
It’s the latest music investment for Jamen Capital, which was founded by Matt Spetzler, previously a long-time executive at Francisco Partners, in early 2025. Its portfolio includes the likes of Kobalt, Recognition Music Group, Soundtrack, un:hurd, Muse Group and Hal Leonard.
Jamen Capital also launched the Pipeline independent-music financing platform in January this year, with more than $200m of capital to invest. Its first partnership was with Merlin, offering advances to its members against digital royalties generated by the agency.
Now they are partners in taking Curve forward together. “Data and royalty infrastructure is only becoming more important to the future of the music business,” said Spetzler today, while Lexton rooted the deal in the need for independent infrastructure.
“Curve is central to that. That’s why ensuring its future independence and neutrality was vital to us and it’s why we stepped up to make this acquisition,” he said.
