In the wake of Bob Dylan, Stevie Nicks and Neil Young, Bruce Springsteen has decided to sell his catalog to the group Sony, the parent company of his historic label Columbia Records. A transaction estimated by specialists at $ 500 million. Neither the “Boss” nor Sony wished to confirm the amount of the transaction.
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Rock star Bruce Spirngsteen has sold his music rights to Sony in a transaction valued at $ 500 million, the New York Times and US specialty weekly Billboard reported on Wednesday. The assignment includes the star’s catalog of recorded music as well as his songwriter work, including global hits like Born in the USA, Born to run or Blinded by the Light, according to sources close to the matter cited by the two media. No public announcement was made. A spokesperson for the Sony group declined to comment and Sony Music did not immediately respond to AFP’s requests.
Over 150 million records of the “Boss” have sold over the course of a half-century career, which has seen him remain loyal to the Columbia Records label, in the fold of the Japanese multinational Sony. Bruce Springsteen, 72, is the latest music star to sell his catalog, following in the footsteps of Bob Dylan, Stevie Nicks and Neil Young for some or all of their works.
The acquisitions of musical rights are booming, the financial markets showing themselves to be fond of these “portfolios” generating stable revenue streams, now favored as an asset class. Last year, Bob Dylan sold his entire edition catalog for $ 300 million to the group Universal Music, while Stevie Nicks, singer of pop group Fleetwood Mac, sold a controlling stake in his catalog for $ 100 million. , according to press reports.
In what may be the biggest deal in music for an individual body of work, Bruce Springsteen has sold his masters to Sony Music and his music publishing to Sony Music Publishing. https://t.co/ZF2EGZ7GNw
– billboard (@billboard) December 16, 2021