Bruce Springsteen has sold his music rights to Sony Music Entertainment, the two who explained the deal say it could be the biggest transaction ever for an artist’s work.
No public announcement has been made about the transaction, which has been closed in recent weeks and no specific terms are known. But according to the duo, whose value could exceed $ 500 million, they spoke anonymously as they did not have the authority to discuss the matter.
Representatives from Sony and Springsteen declined to comment Wednesday night. Sales news was first reported advertisement board.
The arrangement, which has been rumored in music circles for several weeks, includes both Springsteen’s recorded music list and his work as a songwriter. It would give Sony the rights to a complete collection of classic songs, such as Springsteen’s «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 only for writing his songs. $ 300 million.
At a Sony investor relations meeting in May, Rob Stinger, CEO 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 also owns the copyright for his songwriter, and he also acts as his own music publisher.