Bruce Springsteen has sold his music rights to Sony Music Entertainment, which may be the largest transaction ever made for an artist’s work.
News of the deal, which includes Springsteen’s full work as a recording artist and songwriter, came out late Wednesday without any comment from either Sony or Springsteen. But on Thursday, Sony, which holds the Columbia label, the home of Springsteen’s records for five decades, confirmed the sale.
“When I signed into Columbia Records in 1972, I’m an artist who can really say I’re in the right place,” Springsteen said in a statement from Sony. “For the past 50 years, the Sony Music men and women have treated me with great respect as an artist and as a person. I am pleased that my heritage will continue to be maintained by the company and the people I know and trust.
No specific terms were released, but the value of the transaction was about $ 550 million, according to two people who briefly commented on the deal and spoke anonymously as they did not have the authority to discuss the matter.
Sony clarified that the deal included two separate contracts – one for Springsteen’s recorded work and the other for his songwriting rights, known as the music release. Eltridge, a private investment firm, also contributed to the publication of the acquisition, and other media deals included the rock band The Killers’ songwriting list.
Springsteen’s contract, signed in the days leading up to Thanksgiving, will give Sony the rights to a complete collection of the star’s full-length classic songs, such as “Born to Run”, “Born in the USA” and “Blinded by the Light”.
Inspired by the rise of streaming and the promise of growing music revenue in the years to come, investors, large music companies and private equity firms – this is the latest and biggest megadeal in the gray for years. Dollars to purchase song lists.
Bob Dylan, Paul Simon, Stevie Knicks, Shakira, Neil Young and many more stars have sold all or part of their work for hundreds of millions. Dylan’s contract with Universal Music Publishing Group last year was exclusively for his songwriter. $ 300 million.
Several major deals, including David Bowie’s songwriting rights, are expected to close by the end of this year.
At a Sony investor relations meeting in May, Rob Stringer, chief executive of Sony Music, said the company had spent. $ 1.4 billion Acquisitions over the past six months have included Simon Agreement and others for entire companies such as AWAL, which provides services to independent artists.
Springsteen, 72, has been with Columbia Records, a division of Sony Music, throughout his five-decade career, and has long held the rights to his recordings. Although his songwriter has been managed by Universal since 2017, he owns the copyright for his songwriter and basically acts as his own music publisher.