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Reservoir Announces Global Deal With Music Icon Joni Mitchell Print-ready version

Reservoir Media
September 13, 2021

Photo by Marcy Gensic

NEW YORK, Sept. 13, 2021 (GLOBE NEWSWIRE) -- Reservoir Media, Inc. (NASDAQ: RSVR) ("Reservoir" or the "Company"), an award-winning independent music company, announces a new deal with music icon Joni Mitchell, which sees the company become the worldwide administrator of her illustrious publishing catalog. The nine-time Grammy Award-winning singer-songwriter has been called "one of the greatest songwriters ever" by Rolling Stone, and her deep influence on music history and the industry is indelible.

A Canadian artist and songwriter, Mitchell has drawn from various genres including folk, pop, rock, classical and jazz, to produce generation-defining music dating back to the late 1960s. Her melodic and lyrical sophistication has been praised for decades, with songs reflecting on a range of topics from romance and heartbreak to society at large. Mitchell's third studio album, the platinum-certified Ladies of the Canyon (1970), features several of her most popular songs, including "Big Yellow Taxi" and "Woodstock." Her sixth album Court and Spark (1974) became her best-selling album with hits "Help Me" and "Free Man in Paris."

Perhaps Mitchell's most renowned work is the 1971 album Blue, which is often regarded as one of the best albums of all time. In 2020, Rolling Stone listed the album at number three in their list of the '500 Greatest Albums of All Time,' with NPR ranking it at number one in a 2017 list of 'Greatest Albums Made by Women' and The New York Times citing the album as one of 25 that represented "turning points and pinnacles in 20th-century popular music." In celebration of the 50th anniversary of the classic album this year, Mitchell released a new demos and outtakes EP, featuring five unreleased recordings from the making of the original LP.

Mitchell has released a total of 19 studio albums, and the accolades she has been awarded throughout her career are equally prolific. She has received a total of nine Grammy Awards, including the 2002 Grammy Lifetime Achievement Award. In 1996, she received the Polar Music Prize and the following year, was inducted into the Songwriters Hall of Fame and the Rock and Roll Hall of Fame. Mitchell became the first woman to receive the Les Paul Award in 2020. She is set to receive a 2021 Kennedy Center Honor, recognizing her contributions to American culture, later this year. Additionally, she has been named MusiCares' 'Person of the Year' for 2022, an honor dedicated to celebrating artistic achievements in the music industry and dedication to philanthropy.

Beyond her impressive formal recognitions, Mitchell is widely viewed as one of the most important songwriters and recording artists ever. She has transcended traditional music fandoms, becoming a hugely inspirational icon not only to her audiences, but also to other musicians, and acts like Prince, Taylor Swift, Bob Dylan, and many others have cited her as one of their biggest influences.

"I'm looking forward to working with Reservoir," says Mitchell. "I am so proud to welcome Joni Mitchell to our Reservoir family," adds Reservoir Founder & CEO Golnar Khosrowshahi. "Joni is a musical pioneer and a once-in-a-lifetime creator, and we look forward to safeguarding her catalog and championing her legacy."

"It is a career-defining moment when you have the opportunity to work with an icon, whose music has moved and inspired you," says Reservoir EVP, Global Creative Director Donna Caseine. "This means so much to me on a personal level and is an important milestone for all of us at Reservoir. We are truly honored to support Joni's music and amplify her rich pioneering contributions to the arts with audiences old and new."

ABOUT RESERVOIR

Reservoir Media, Inc. 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 U.S.-based publicly traded independent music company and the first female founded and led publicly traded music company in the U.S. Founded as a family-owned music publisher in 2007, Reservoir has grown to represent over 130,000 copyrights and 36,000 master recordings with titles dating as far back as 1900 and hundreds of #1 releases worldwide. Reservoir holds a regular 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 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.

FORWARD-LOOKING STATEMENTS

This press release contains forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, as amended, including statements with respect to the financial condition, results of operations, earnings outlook and prospects of Reservoir. Forward-looking statements are based on the current expectations and beliefs of the management of Reservoir and are inherently subject to a number of risks, uncertainties and assumptions and their potential effects. There can be no assurance that future developments will be those that have been anticipated. These forward-looking statements involve a number of risks, uncertainties or other assumptions that may cause actual financial condition, results of operations, earnings and/or prospects to be materially different from those expressed or implied by these forward-looking statements. Any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. In addition, forward-looking statements are typically identified by words such as "plan," "believe," "expect," "anticipate," "intend," "outlook," "estimate," "forecast," "project," "continue," "could," "may," "might," "possible," "potential," "predict," "should," "would" and other similar words and expressions, but the absence of these words does not mean that a statement is not forward-looking. The risks, uncertainties and/or assumptions include, among others, those discussed and identified in public filings made with the Securities and Exchange Commission by Reservoir and the following:

-expectations regarding Reservoir's strategies and future financial performance, including its future business plans or objectives, prospective performance and opportunities and competitors, revenues, products, pricing, operating expenses, market trends, liquidity, cash flows and uses of cash, capital expenditures;

-Reservoir's ability to invest in growth initiatives and pursue acquisition opportunities;

-the ability to achieve the anticipated benefits of the business combination, which may be affected by, among other things, competition and the ability of Reservoir to grow and manage growth profitably and retain its key employees;

-the inability to maintain the listing of Reservoir's common stock on the Nasdaq Stock Market LLC and limited liquidity and trading of Reservoir's securities;

-geopolitical risk and changes in applicable laws or regulations;

-the possibility that Reservoir may be adversely affected by other economic, business and/or competitive factors;

-risks related to the organic and inorganic growth of Reservoir's business and the timing of expected business milestones;

-risk that the COVID-19 pandemic, and local, state and federal responses to addressing the COVID-19 pandemic, may have an adverse effect on Reservoir's business operations, as well as its financial condition and results of operations; and

-litigation and regulatory enforcement risks, including the diversion of management time and attention and the additional costs and demands on Reservoir's resources.

Should one or more of these risks or uncertainties materialize or should any of the assumptions made by the management of Reservoir prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements.

Except to the extent required by applicable law or regulation, Reservoir undertakes no obligation to update these forward-looking statements to reflect events or circumstances after the date of this press release or to reflect the occurrence of unanticipated events.

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Added to Library on September 13, 2021. (1084)

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