John Legend Sells Catalogue
According to a source familiar with the transaction, Grammy and Oscar-winning singer/songwriter John Legend has sold his music collection to BMG and financial company KKR.
According to a file first seen and published by Bloomberg, BMG and KKR have each bought a 50 per cent ownership in Legend's songwriting repertoire in a transaction that covers Legend's work from late 2004 until 2020, including copyrights and royalties rights.
Legend's future compositions will be administered by BMG, according to a second, parallel agreement.
The transaction details were not disclosed; however, KKR and BMG launched a collaboration to purchase music collections last year. The platform just announced its first acquisition, purchasing ZZ Top's publishing library for about $50 million. Legend, 43, joins the list of artists whose catalogues have been sold, including Bob Dylan, Bruce Springsteen, Stevie Nicks, and Neil Young. Springsteen's contract is worth $500 million.