KKR & Co. Inc. and BMG have jointly acquired the songwriting catalog of R&B powerhouse John Legend.
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A source close to the negotiations confirmed to Variety that the catalog includes such songs as “All of Me” and “Ordinary People” and that the deal was closed in September.
John Legend is joining music legends Bob Dylan and Bruce Springsteen in selling his music catalog to private investors https://t.co/WXg7lLQYuw via @luxury
— Ty Stiklorius (@tystiklorius) January 7, 2022
Although financial terms of the deal were not disclosed, Bloomberg on Thursday was the first media outlet to report the blockbuster deal. The acquisition is unusual, but not unheard of, because Legend, 47, is still an active songwriter, recording artist and performer, The Wall Street Journal reported.
Specifically, Legend sold his publishing copyrights and the rights to receive royalties from music he penned from 2004 through early 2021, with each company purchasing a 50% stake in the catalog, the Journal reported.
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According to Variety, BMG will not only continue to administer the catalog but has also negotiated a new deal to administer Legend’s future compositions.
The announcement comes one month after KKR and BMG acquired the publishing catalog and recording music royalties of Texas-based blues-rock trio ZZ Top for an estimated $50 million, the Journal reported.
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