Bruce Springsteen sold most of his recordings and copyrights to Sony for more than $ 500 million.
On Thursday, Sony Music confirmed the acquisition – noting that the agreements on the recorded music and the publishing rights are separate – although neither Sony nor Springsteen’s representatives provided further details on the financial side.
“I’m an artist who can really say that when I signed with Columbia Records in 1972, I came to the right place. For the past 50 years, Sony Music men and women have treated me with the utmost respect as an artist and as a human being. “I’m excited that my legacy will continue to be cared for by the company and the people I know and trust,” the legendary rock artist said in a statement.
A well-informed source told Variety that the deal was actually closer to $ 600 million. When the news of the negotiations first broke out earlier this month, sources said that the initial amount requested by Springsteen’s side was about $ 350 million for both the publishing rights and the lists of recorded masters. However, several experts say that a fierce bidding war broke out between Universal and Sony – the latter was determined not to lose Springsteen’s list, as it had already lost Dylan to UMPG.
The deal gives Sony ownership of Bruce Springsteen’s 20 albums, including classic hits such as “Born To Run”, “The River” and “Born In The USA”.
Springsteen’s music grossed about $ 15 million last year.
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