2023-06-26 06:02:11
Paul Simon has sold part of his copyright to BMG, for an eight-figure sum.
Paul Simon has sold a portion of his copyrights to BMG, the company announced Thursday, in a notable new music acquisition deal. Simon sold a ” substantial part of its rights to revenue from Simon and Garfunkel’s recordings, as well as a type of public performance royalty called ” neighboring rights “, said the company.
BMG declined to give details of the purchase or disclose the amount of the copyright stake it purchased, but a source familiar with the matter told Rolling Stone that the sum paid to Paul Simon was eight figures.
Along with Simon’s royalties, BMG will now receive revenue from a series of Simon and Garfunkel hits such as ” The Sound of Silence », « Mrs. Robinson », « The Boxer » et « Bridge Over Troubled Water “. The duo are among the most celebrated bands in music history, having won seven Grammy Awards and being inducted into the Rock & Roll Hall of Fame in 1990.
« In any list of big names, Paul Simon is one of the pillars of popular music history.Thomas Scherer, BMG’s president of directory and marketing for Los Angeles and New York, said in a statement. We will do our part to ensure that his music continues to be honored and respected. »
This isn’t the first time Simon has struck a deal over his music rights; in 2021, it sold its publishing catalog in a major deal with Sony Music Publishing. But this new deal from Simon is unique compared to other announcements in recent years. In the case of publishing deals such as Bob Dylan’s sale of his publishing catalog to Universal Music Publishing Group or Sony’s purchase of Bruce Springsteen’s masters and publishing rights, buyers take control of the copyright of musicians. When buying copyrights, the buyer is only acquiring the passive income from sales and streams of a song, without controlling the copyrights.
The deal reflects the different ways in which artists with iconic catalogs, like Simon, can monetize or sell their music rights. Simon chooses to forfeit his income and receive a check immediately. BMG takes the risk of betting that the music will return more than what it paid for. But rather than working on the catalog itself, the company is betting purely and simply on Simon and Garfunkel’s growth.
This deal is the latest of many acquisitions made by BMG in recent years. The company purchased the legendary Tina Turner’s artist rights to her recordings, publishing copyright, and name, image, and likeness in 2021. A few months later, it purchased the registered catalog of Mötley Crüe. Other artists BMG has secured the rights to include Peter Frampton, John Legend and Mick Fleetwood. More recently, the company purchased the recorded catalog of British rock band The Hollies.
« We are delighted to have secured Paul Simon’s consent for BMG to acquire his copyright to the Simon & Garfunkel recordings and related rights.said Thomas Coesfeld, CEO designate of BMG, in a statement. This is a significant transaction. Our ability to close this deal once once more demonstrates that BMG is the best place for the biggest artists. »
Ethan Millman
Translated by the editor
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