ZZ Top Reportedly Sells Publishing Catalog For $50 Million
It looks like ZZ Top recently decided to follow the footsteps of numerous rockers as their manager Carl Stubner and BMG CEO Hartwig Masuch, who recently spoke to Variety, revealed that ZZ Top sold their entire music catalog to BMC and KKR approximately for $50 million.
Bob Dylan was the first legendary musician who announced that he sold his music catalog to Universal Music Publishing Group for $400 million. It was shocking news for the musicians’ fans who thought that the catalog would be sold after his death, but they understood that it was a reasonable deal during these times. Dylan was followed by CSNY legend David Crosby who was dealing with a financial crisis.
Therefore, Crosby sold his works’ rights to Irving Azoff’s Iconic Artists Group not to lose his house and preserve his wealth for his family. In addition to the singer, it was reported that Mötley Crüe made a deal with BMG approximately for $150 million to sell their catalog, although sources claimed the number is lower. Then, E Street Band’s Bruce Springsteen sold his music catalog to Sony Music for around $500 million.
The most recent announcement came from ZZ Top manager Carl Stubner, and he stated that they are delighted to work with BMG after the band sold their publishing catalog for $50 million. BMG CEO Hartwig Masuch shared his thoughts and feelings about it saying that it’s a testament to ZZ Top’s success and longevity, and KKR’s Jenny Box highlighted that the company is very proud to collaborate with BMG to invest in the band.
Here’s what ZZ Top manager Carl Stubner said:
“We are proud to continue working with and expand our long-standing relationship with BMG. This new deal ensures ZZ Top’s remarkable legacy will endure for generations to come.”
BMG CEO Hartwig Masuch responded:
“This deal is a testament to the success, staying power, and continuing musical relevance of ZZ Top, but also to the power of our partnership with KKR. This agreement furthers our vision of providing artists and songwriters, not just a financial exit, but also a vehicle committed to respecting and treasuring their artistry.”
KKR’s Jenny Box added:
“We are excited to invest in ZZ Top’s iconic music and we look forward to collaborating with BMG and ZZ Top to further amplify the reach of their catalog.”
As it can be understood from the recent news, more and more legendary bands and musicians, who have released best-selling records that hit the charts worldwide, will keep announcing their deals with the record companies, aiming to protect their net worth or wealth during these challenging times.