Bruce Springsteen sold his music catalog reportedly worth hundreds of millions of dollars
By Travis Caldwell and Joe Sutton, CNN
“The Boss” may have just made a cool half-billion dollars.
Bruce Springsteen has sold the rights to his music catalog to Sony Music Entertainment, according to a statement from Sony.
Through two separate agreements, the sale would include Springsteen’s work at Sony-owned Columbia Records as both a singer and songwriter, the statement said. Investment firm Eldridge Industries partnered with Sony on the songwriting catalog purchase.
The deal would be the largest ever transaction for a single artist’s catalog at a value that could be north of $500 million, according to The New York Times, citing sources briefed on the deal.
“I am one artist who can truly say that when I signed with Columbia Records in 1972, I came to the right place,” Springsteen said in the statement from Sony. “During the last 50 years, the men and women of Sony Music have treated me with the greatest respect as an artist and as a person. I’m thrilled that my legacy will continue to be cared for by the company and people I know and trust.”
Billboard was the first to report the sale.
One of the premier rock artists of all time, Springsteen is responsible for such hits as “Born in the USA,” “Dancing in the Dark” and “Born to Run.” He and the E Street Band, who he has played with for decades, have been inducted into the Rock and Roll Hall of Fame.
Springsteen’s latest album, “Letter to You,” was released in October 2020.
Springsteen reopened Broadway in June with his “Springsteen on Broadway” performances after Covid-19 restrictions halted full-capacity shows for more than a year.
The-CNN-Wire
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