Irenic Capital bids up to $1.2 billion for Reservoir Media

A hostile bid worth up to $1.2 billion just landed on Reservoir Media's desk from one of its own biggest shareholders.

Irenic Capital makes its move on Reservoir

• Irenic Capital Management lobbed an unsolicited takeover offer.
• Per-share pricing sits between $10 and $11.
• Reservoir's stock popped 15% on the news alone.
• Financing talks with private credit firms are underway.

Ownership structure complicates any buyout

• Wesbild Inc controls around 44% of Reservoir's equity.
• Golnar Khosrowshahi's father runs Wesbild directly.
• Richmond Hill Investments holds roughly 21% on top.
• Irenic's 9.2% stake makes it a major shareholder.

Activist pressure has been brewing for months

• Irenic demanded a full strategic review back in 2024.
• Reservoir pushed back, saying it valued shareholder input.
• An amended SEC filing floated a possible take-private deal.
• Katz's fund has a track record of forcing sales.

Reservoir carries a hefty catalog portfolio

• Over 150,000 copyrights and 36,000 master recordings exist.
• Joni Mitchell, John Denver, and Sheryl Crow feature prominently.
• Miles Davis' catalog got scooped up in September 2025.
• Gladys Knight and T.I. deals dropped last quarter.

Financials show steady upward momentum

• Quarterly revenue hit $45.6 million with 8% yearly growth.
• Adjusted EBITDA rose 11% to reach $19.2 million.
• Reservoir has poured $876 million into acquisitions since 2007.
• Tommy Boy's $100 million purchase landed back in 2021.