ZZ Top Sells Music Catalog For $50 million
Billy Gibbons of US rock band ZZ Top performs on stage during a concert in the Heineken Music Hall in Amsterdam, the Netherlands, on June 24, 2014. AFP PHOTO / ANP / FERDY DAMMAN --NETHERLANDS OUT-- (Photo credit should read Ferdy Damman/AFP/Getty Images)
ZZ Top has sold their music catalog to KKR and BMG for a whopping amount of $50 million.
The agreement includes the musicians’ publishing catalog and income from recorded and performance royalties, as per Variety. “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,” Hartwig Masuch, the CEO of BMG said in a press statement. “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,” he added.
Collaborations with BMG aren’t new to the band; the company acted as the co-publisher and served as an administrator to the band’s catalog. Carl Stubner, the band’s manager felt glad to remain working with the company to ensure ZZ Top’s legacy for many generations to come.
ZZ Top isn’t the only one who sold their music catalogs to companies such as BMG. Mick Fleetwood, Stevie Nicks, Motley Crue, Bruce Springsteen, and many more reportedly did it as well.