- Bruce Springsteen is in talks to sell the rights to his recorded music to Sony Music, according to reports from Billboard.
- Many in the industry speculate that this sale is part of Springsteen’s estate planning.
- Ultimately, Springsteen’s pay day for selling all of his rights could range from $330 million to $415 million, according to Billboard.
Bruce Springsteen is in talks to sell the rights to his recorded music to Sony Music along with his publishing catalogue, according to reports from Billboard.
While the Boss has been with Sony Music’s Columbia Records since he first signed with the label in 1972, he regained the rights to his music over the course of his career through contract renegotiations, the publication said.
While the album catalog deal is nearly done, negotiations for the publishing catalog remains open, according to Variety.
News of Springsteen’s plan to sell his music rights comes a little over a month after the singer-songwriter’s 72nd birthday. Many in the industry speculate that this sale is part of Springsteen’s estate planning.
Representatives for Bruce Springsteen and Sony Music were not immediately available to comment.
Song catalogs are valuable assets, but require extensive management, something that heirs are often unequipped to handle.
Additionally, there is a movement in Washington to increase capital gains taxes above their current 20% level. So, Springsteen could be looking to make a deal before the end of the year, Billboard said.
The publication estimates that Springsteen’s albums carry a valuation of between $145 million and $190 million.
Ultimately, Springsteen’s pay day for selling all of his rights could range from $330 million to $415 million, according to Billboard.
This would be on par with the $400 million figure Bob Dylan reportedly received when he sold his song catalog to Universal Music Publishing last year.
Read the full report from Billboard.
Source: Business - cnbc.com
