Bob Dylan had already sold his songwriting rights in late 2020 (File)
New York:
Bob Dylan has sold its entire back catalog of recorded music along with “the rights to several future new releases” to Sony Music Entertainment, the company announced Monday.
Sony did not disclose the financial terms of the deal. In late 2020, the 80-year-old iconic artist had already sold his songwriting rights – aside from the recording rights, which control reproduction and distribution – to Universal, in a deal estimated at more than $300 million. .
According to industry reports including Billboard and Variety, the latest Dylan deal was worth more than $200 million.
Sony said it closed the recording rights transaction in July 2021, tightening Dylan’s six-decade relationship with the company.
Dylan was signed to Sony’s Columbia Records in 1961, and recorded his first album that same year.
Sony Music Group Chairman Rob Stringer lauded Dylan’s “unique talent”, saying, “Columbia Records has had a special relationship with Bob Dylan from the beginning of his career and we continue to grow and develop our ongoing 60s.” Extremely proud and excited to be doing this one-year partnership.”
Dylan praised the agreement in a statement: “Columbia Records and Rob Stringer have been nothing but many, many years and many records for me. I am glad that all of my recordings can stay where they belong.”
Dylan’s deal with Sony is separate from his blockbuster publishing sale to Universal.
Recording rights holders can dictate future re-issues, while publishing rights owners receive deductions in a number of scenarios, including radio play and streaming, album sales, and use in advertising and films.
Dylan’s publishing deal with Universal was one of the high-profile sales that preceded a flurry of music catalog transactions over the past year or two, as financial markets are increasingly attracted to music portfolios as an asset class. .
The companies have acquired major catalogs including David Bowie, Bruce Springsteen, Stevie Nicks, Paul Simon, Motley Fool, The Red Hot Chili Peppers and Shakira.
Springsteen sold both his published and recorded music rights to Sony for $500 million.
Earlier this month Bowie’s estate sold the late singer’s publishing rights to Warner Chapel Music.
(Except for the title, this story has not been edited by NDTV staff and is published from a syndicated feed.)
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