Blues-rockers ZZ Top have sold their publishing catalogue and royalty rights to BMG and KKR, in a deal reportedly worth up to $50 million.
Full details of the deal were not disclosed. It covers all of the music interests of ZZ Top, including their entire catalogue’s publishing rights and income generated by performance and recording royalties.
The deal covers all the “music interests” of ZZ Top, including their publishing rights and any income from recorded music royalties and performance royalties. BMG had previously been the co-publisher and administrator of ZZ Top’s publishing catalogue.
ZZ Top’s manager Carl Stubner, said in a statement: “We are proud to continue working with and expand our long-standing relationship with BMG. This new deal ensures ZZ Top’s remarkable legacy will endure for generations to come.”
BMG CEO Hartwig Masuch added: “This deal is a testament to the success, staying power and continuing musical relevance of ZZ Top, but also to the power of our partnership with KKR. This agreement furthers our vision of providing artists and songwriters not just a financial exit, but also a vehicle committed to respecting and treasuring their artistry.”
Earlier this year, long-time ZZ Top bassist Dusty Hill died at the age of 72. He had been the band’s bassist for over 50 years. The group announced their intention to continue, embarking on a tour with his replacement, Elwood Francis.
BMG has recently acquired the catalogues of Mick Fleetwood, Tina Turner and Mötley Crüe. It announced a partnership with KKR back in March.
The sale follows countless other sales of the catalogues of legacy artists, many of which are valued in the tens of millions of dollars – some even reaching hundreds of millions. Last week, Bruce Springsteen sold his catalogue to Sony for $500 million.