Bruce Springsteen Sells Music Catalog in Massive Deal with Sony Music Entertainment
Photo by Rob DeMartin
Bruce Springsteen has sold his music rights to Sony Music Entertainment in what might turn out to be the largest transaction ever struck for a single artist’s body of work.
In a press release shared by Sony, Springsteen noted, “I am one artist who can truly say that when I signed with Columbia Records in 1972, I came to the right place,” The legendary rocker went on to say, “During the last 50 years, the men and women of Sony Music have treated me with the greatest respect as an artist and as a person. I’m thrilled that my legacy will continue to be cared for by the company and people I know and trust.”
Specific terms of the transaction have not been released, but reports are noting the agreement involves two separate deals– one for the musicians’ recorded work and the other for music publishing rights.
The deal was signed in the days before Thanksgiving and is valued at a whopping $550 million according to two anonymous sources. The New York Times reports, “the latest and biggest megadeal in what has been a frothy couple of years in which investors, major music companies and private equity firms — lured by the rise of streaming and a promise of growing music revenues for years to come — have poured billions of dollars into buying song catalogs.”
Ownership of Bruce Springsteen’s complete collection will include classic numbers such as “Born in the U.S.A.,” “Blinded by the Light” and “Born to Run.”
Bruce Springsteen is the latest artist to cash in their catalog for major monetary gain, he joins Bob Dylan, Paul Simon, Stevie Nicks, Neil Young and more.