Bruce Springsteen has sold his music rights to Sony Music Group for between $500 million and $600 million in a deal representing the largest-ever deal for an individual artist’s lifetime work, people say close to the file.
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Various financial players have considered backing the deal, according to people familiar with the deal, with private investment firm Eldridge Industries LLC setting up part of the funds for part of the deal, yet another financial player to make a big step in the sparkling market. for music copyrights. Sony Music Group is a division of the Japanese conglomerate Sony Group Corp. 6758,
The deal gives Sony, the second-largest music label and largest music publisher, ownership of classic hits such as “Born to Run,” “Born in the USA” and “Dancing in the Dark.” Sony said its publishing arm partnered with Eldridge to purchase Springsteen’s songwriting catalog.
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The roughly $500 million valuation is more than 30 times the annual royalties on the combined catalog of recorded music and songwriting — an aggressive offer that has kept Springsteen’s camp in exclusive talks with Sony instead of seeking an open market buyer, people say. Sony has been the Boss’ record company for his entire career.
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