Sting has offered his music catalog to Common Music Group for round $250 million.
ABC by way of Getty Pictures
Sting is the most recent rock star to money in on his music catalog, reducing a deal to promote it for an estimated $250 million.
The British-born singer has offered his publishing and recorded music catalogs — together with hits with The Police reminiscent of “Roxanne,” “Each Breath You Take” and “Message In a Bottle” — to Common Music Group, the world’s largest document label, which reps the likes of Taylor Swift, BTS, Kanye West and Billie Eilish,
As a part of the deal, UMG will snap up Sting’s complete portfolio, which along with his work with The Police encompasses 15 studio albums launched between 1985’s debut “The Dream of Blue Turtles” and his most up-to-date, “The Bridge,” launched in November 2021.
Monetary phrases weren't given, however sources with information pegged the sale within the ballpark of $250 million. The deal additionally compensates Police guitarist Andy Summers and drummer Stewart Copeland for songs the place they share writing credit, in response to a UMG spokesperson.
The deal closes the loop on prior studies that UMG was in talks to scoop up Sting’s music, which incorporates hits like “Strolling On the Moon,” “Spirits Within the Materials World” and “Each Little Factor She Does Is Magic.”
“It's completely important to me that my profession’s physique of labor have a house the place it's valued and revered – not solely to attach with longtime followers in new methods but additionally to introduce my songs to new audiences, musicians and generations,” Sting mentioned.
UMG Chairman and CEO Lucian Grainge added: “We're honored that by selecting UMPG for his music publishing, Sting’s complete physique of labor as a songwriter and recording artist — from the Police to his solo work — will all be inside the UMG household.”
It marks the continuation of a pattern of an extended string of established artists promoting their songbooks to big-pocketed buyers or music labels. They’re additionally fueled by streaming, which presents the opportunity of extra profitable royalties as prospects flock to companies like Spotify and Apple Music.
And offers have ramped up in the course of the coronavirus pandemic due partially to low rates of interest that make it simpler for firms to borrow cash to buy giant property.
Whereas artists get a giant pay day, musical labels get grasp rights of legendary musicians’ work.
In current months, David Bowie’s property offered his music catalog for $250 million to Warner Chappell Music, the publishing arm of Warner Music Group, and late final yr, ZZ Prime offered its music catalog to funding agency KKR and document firm BMG for $50 million. Simply weeks earlier than Bruce Springsteen offered his iconic track and publishing catalog to Sony Music for a whopping $500 million.
In the meantime, final yr, Bob Dylan offered his large 600-song catalog to Common Music Publishing Group for a reported $300 million to $400 million in December 2020. Across the similar time, Fleetwood Mac singer-songwriter Stevie Nicks offered 80 p.c of her rights to her personal songwriting catalog, together with hits like “Landslide” and “Fringe of Seventeen,” to music writer Main Wave for a reported $100 million.
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