Offset made a very special appearance today — on the floor of the New York Stock Exchange (NYSE).
This morning, Reservoir rang the @Nasdaq Opening Bell in celebration of our recent IPO. It is both exciting and humbling to take this next step in Reservoir's journey. We look forward to all the opportunities this creates, as we deepen our commitment to #investinginentertainment. pic.twitter.com/Gmu0ZGSoQf
— Reservoir (@ReservoirMedia) August 30, 2021
TMZ was on hand as the Migos rapper rang the NASDAQ opening bell to kick off the trading day on Monday. Cardi B, ever the supportive wife and in full pregnancy regalia, was right by her husband’s side in Times Square today to celebrate Reservoir Media’s July IPO.
Reservoir Media, which bills itself as an independent music company based in New York City (with satellite offices in Los Angeles), licenses songs from all types of musicians. In addition to owning music from Offset and the Migos, Billboard reports that the company even owns the rights to license music from rock bands, like the band Alabama.
The company first began making headlines in July 2021, when Variety reported that it acquired the licensing rights to music under the Tommy Boy Records moniker. The acquisition of the legendary Hip-Hop catalog — combined with the acquisition of music by Offset and the Migos — gave Reservoir Media an impressive $788 million valuation. Reservoir Media was able to acquire the catalogs thanks to its previously announced business combination with Roth CH Acquisition II Co. (“ROCC”), a publicly-traded special purpose acquisition company formed by Roth Capital Partners and Craig-Hallum Capital Group.
Offset, Cardi B and a few other celebrities are also investors in Reservoir Media. TMZ managed to speak to Offset as he left the NYSE floor, and “[he] made it pretty clear that this is something he’s excited to be a part of — not just because it’s one the first female-led businesses of its kind to put itself out there, but because there’s something in it for him and other musicians,” they reported.
It remains to be seen how well the stock does now that it is available for trading on the NYSE.