Bruce Springsteen performs at a sound check at the Perth Arena in Perth, Australia.
Will Russell | beautiful pictures
The transaction has been rumored in the entertainment industry for some time, including Springsteen’s recorded music portfolio as well as his work as a songwriter, the report said. Billboard says its value could exceed $500 million, citing people familiar with the terms.
It would give Sony full ownership of Springsteen’s full collection of hit songs including “Born to Run” and “Born in the USA,” according to Billboard.
A public announcement has yet to be made. Representatives for Springsteen and Sony did not immediately respond to CNBC’s request for comment.
Springsteen has been with Columbia Records, a unit of Sony Music, throughout his career.
In recent years, investors and music companies have poured dollars into the purchase of song catalogs amid the growing popularity of streaming services. Stars including Bob Dylan and Shakira have sold all or part of their work, raking in hundreds of millions of dollars. Warner Music purchased the worldwide rights to David Bowie’s catalog in September.
Read the full story from Billboard here.
https://www.cnbc.com/2021/12/16/bruce-springsteen-is-selling-his-music-catalog-in-massive-deal-report.html Bruce Springsteen is selling his music catalog in bulk: report