After Bob Dylan and Bruce Springsteen – British musician Sting also sells his music catalog for hundreds of millions of dollars. According to a report tonight (Thursday) in the New York Times, Sting is selling his songs to Universal Music for $ 300 million.
Read more in Calcalist:
The New York Times reports that the deal also includes hits from his days with the band “Every Breath You Take” and “Every Little Thing She Does Is Magic”, as well as his hit “If You Love Somebody Set Them Free”.
The deal, announced today (Thursday) by the Universal Music Publishing Group’s music advertising division, covers Sting’s entire output as a songwriter. The financial terms were not disclosed, but the value of the transaction is estimated at $ 300 million.
Over the past few years, music giants and Wall Street investors have poured billions of dollars into music deals, driven by the growth of the streaming market and low interest rates.
Last December, Sony acquired the entire Bruce Springsteen catalog – which covers both his songwriting and recorded music, which have separate copyrights – for about $ 550 million.
Bob Dylan, in separate deals, sold the rights to his written songs to Universal for more than $ 300 million, and his recordings to Sony for an estimated $ 150 to $ 200 million. Other artists who have made similar deals are Paul Simon, Tina Turner, Motley Crue, Stevie Knicks, David Guetta and Neil Young.