Bruce Springsteen sells his music catalog for $500M
He was "Born in the U.S.A" and "Born to Run." But now Bruce Springsteen is apparently born to sell.
The Boss has sold his entire recorded music and publishing catalog to Sony Music for $500 million, in what Billboard magazine has described as possibly the biggest single-artist music catalog deal to date. It tops Bob Dylan's publishing sale to Universal for $100 million less than the Springsteen deal.
According to Variety, news of negotiations with Sony started last month when the number of $350 million was initially discussed, but apparently, that deal ballooned $150 million more.
Springsteen has been with Sony Music's Columbia Records since he first signed with the label in 1972. He acquired the rights to his music in the 1980s and 1990s.
The New Jersey native's catalog has over 300 songs, 20 studio albums including "Greetings from Asbury Park, "Darkness on the Edge of Town," "The River," Nebraska," "The Rising," as well as 23 live LPs.
"Selling the rights to their music is anathema to many artists, but as they reach or pass standard retirement age and begin estate planning, a sale is an attractive option," according to Variety.
Springsteen is one of the most successful recording artists of the past 50 years.
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