John Legend has agreed to a deal to promote the rights to his music catalog to KKR & Co. and BMG, in response to a report.
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John Legend is the newest pop star to money in on the sale of publishing rights to his music catalog.
The R&B singer-songwriter reached a cope with international funding agency KKR & Co. and music firm BMG to promote each copyrights and the rights to obtain royalties from songs he wrote starting in 2004.
Phrases of the deal weren't disclosed. Filings point out that the settlement was consummated in September.
DL Music IP LP, which is affiliated with KKR Credit score Advisors LLC, and BMG Rights Administration will every personal a 50 p.c stake within the catalog, in response to Bloomberg.
KKR and BMG partnered up final month to purchase the music rights to rock group ZZ Prime.
Legend’s enterprise relationship with BMG started in 2010 when the corporate acquired his music writer, Cherry Lane Music Publishing Co.
Information of Legend’s sale of his catalog comes only a month after Bruce Springsteen bought his music rights to Sony Music Leisure for a whopping $550 million.
The deal surpassed Bob Dylan’s blockbuster $400 million sale of the rights to his work to Common Music Group.
Legend, 43, is far youthful than the 72-year-old Springsteen and the 80-year-old Dylan, so KKR and BMG may capitalize on streaming royalties generated by the hitmaker.
Legend is estimated to rake in between $50 million and $100 million yearly from his companies, in response to Selection.
Along with a profitable music profession, Legend has branched out into producing tv reveals for Netflix and ABC. He's additionally the proprietor of a Napa Valley wine model.
Born John Roger Stephens, Legend hit stardom together with his debut album “Get Lifted” in 2004.
Since then, he has bought a minimum of 10 million albums worldwide and garnered a number of honors, together with 12 Grammy Awards, a Tony Award, a Golden Globe Award, and an Academy Award.
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