Bob Dylan sold his songwriting rights in late 2020. (FILE)
New York:
Bob Dylan has sold his entire following catalog of recorded tracks along with “the rights to many new future releases” to Sony Music Entertainment, the company announced Monday.
Sony did not disclose the financial terms of the deal. In late 2020, the iconic artist, 80, sold his songwriting rights – separate from the recording rights, which govern reproduction and distribution – to Universal, in an estimated deal more than 300 million dollars.
According to industry reports including from Billboard and Variety, Dylan’s latest deal is worth up to $200 million.
Sony said it closed the record rights deal in July 2021, tightening Dylan’s six-decade relationship with the company.
Dylan was signed to Sony’s Columbia Records label in 1961, and recorded his debut album that same year.
Praising Dylan’s “unmatched genius”, Rob Stringer, President of Sony Music Group, said, “Columbia Records has had a special relationship with Bob Dylan from the very beginning of his career and we are extremely proud of it. and glad to continue to grow and develop 60-year cooperation.”
Dylan also praised the deal in a statement: “Columbia Records and Rob Stringer have been nothing but good to me for many, many years and so many records. I am delighted with all of his recordings. I can stay where they belong.”
Dylan’s deal with Sony is separate from selling his blockbuster publishing to Universal.
Recording rights holders can order future re-releases, while publishing rights holders are covered in a number of scenarios, including radio broadcast and streaming, album sales, and use in advertising and movies.
Dylan’s publishing deal with Universal is one of a series of higher sales ahead of a string of music catalog deals over the past year or so, as financial markets have become increasingly attracted to the music catalog. as an asset class.
Companies that have acquired several major categories include from David Bowie, Bruce Springsteen, Stevie Nicks, Paul Simon, Motley Crue, The Red Hot Chili Peppers and Shakira.
Springsteen sold his music and publishing rights to Sony for a staggering $500 million.
Earlier this month, Bowie’s estate sold the late singer’s publishing rights to Warner Chappell Music.
(Except for the title, this story has not been edited by NDTV staff and is published from an aggregated feed.)
