SOCAN has bought the assets of the Canadian Songwriters Hall Of Fame.

In a press release, SOCAN president Eric Baptiste said: "The Hall of Fame is a great fit for SOCAN as we continue to champion the work of our members coast to coast."

Founded in 1998 to honour homegrown songwriters and their songs, the Hall held its most recent 2011 inductions last April at the Toronto Centre For The Arts, with such honorees as The Band's Robbie Robertson and Quebec's Luc Plamondon in attendance.

SOCAN, who represents the Canadian performing arts rights of Canadian and international music creators and publishers, said the next step will be to create a new governing structure and board of directors.

And while SOCAN will now operate the Hall, the board will be made up of representatives from Canada's music industry as well as the Hall's founding partners, CMPA (Canadian Music Publishers Association) and SAC (Songwriters Assocation of Canada).