With private equity firms paying high valuations for music rights, John Legend became the latest noted songwriter to cash in by selling his catalog
Legend, 43, is at a much earlier stage in his career than the likes of Dylan and Springsteen, and thus his future releases and continued presence in public should help drive streaming revenue from the songs purchased by KKR and BMG.“It’s a great time to be a seller because the valuations are so high,” said Eli Ball, founder of Lyric Financial, a provider of financial services to the music community that’s owned by Utopia Music.
KKR has spent heavily since announcing its alliance with BMG, a unit of Germany’s Bertelsmann, in March to acquire music catalogs. In a separate deal, KKR paired up with Dundee Partners to purchase a portfolio of song rights from Kobalt Capital Ltd. in October for about $1.1 billion.
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