Tina Turner sells music rights to BMG
New York (AFP)
Legendary American hitmaker Tina Turner has sold her music rights in a major deal with BMG, the record publisher, the latest artist to take advantage of its extensive catalog, said on Wednesday.
Terms of the deal were not disclosed, but BMG said it included all of Turner’s artist’s part in his recordings and his music-publishing author’s part, as well as neighboring rights and name, image and likeness.
Turner, 81, has sold over 100 million records. Warner Music will remain the Grammy winner’s record label, BMG said.
“Like any artist, protecting my life’s work, my musical heritage, is something personal,” Turner said in a statement released by BMG, saying she was “confident” that her work “is. in professional and reliable hands “.
Company CEO Hartwig Masuch said BMG was “honored” to manage the interests of Turner, responsible for classics such as “What’s Love Got To Do With It” and “Private Dancer.”
“This is a responsibility that we take seriously and will diligently pursue. It is truly and simply the best,” said Masuch.
The sale is part of a boom in song rights purchases as financial markets are increasingly drawn to lucrative portfolios as an asset class.
In many cases, the transactions were carried out at exorbitant prices.
Bob Dylan sold his entire edition catalog for a reported $ 300 million to Universal Music Publishing Group, while Fleetwood Mac’s Stevie Nicks sold a controlling stake in his catalog for $ 100 million.
BMG, part of the media conglomerate Bertelsmann, represents or owns the labor rights of celebrities such as John Lennon and Ringo Starr, Mick Jagger and Keith Richards, Kurt Cobain and David Bowie.
He said he plans to announce more acquisitions in the coming weeks.
© 2021 AFP