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Paul Simon has sold a share in his royalties to BMG, the company announced on Thursday, marking yet another notable deal in the music acquisition space. Simon sold a “substantial stake” in his rights to the royalty income from Simon and Garfunkel’s recordings, along with a type of public performance royalty called neighboring rights, the company said.
BMG declined to give financial details about the purchase or disclose how much of a stake in the royalty rights it bought, but a source familiar with the matter tells Rolling Stone the deal closed in the eight figures.
With Simon’s royalty income, BMG will now take in earnings from a slew of Simon and Garfunkel hits like “The Sound of Silence,” “Mrs. Robinson,” “The Boxer,” and “Bridge Over Troubled Water.” The duo are among the most successful and accomplished groups in music history, winning seven Grammy awards and getting inducted into the Rock & Roll Hall of Fame in 1990.
“In any list of the true greats, Paul Simon stands as one of the pillars of popular music history,” Thomas Scherer, BMG’s President, Repertoire & Marketing, Los Angeles and New York, said in a statement. “We will play our part to ensure his music continues to be honored and respected.”
This isn’t the first time Simon has made a deal on his music rights; in 2021, he sold his publishing catalog in a major deal with Sony Music Publishing. Simon’s latest deal is unique compared to other blockbuster announcements in recent years. With publishing deals like Bob Dylan selling his publishing catalog to Universal Music Publishing Group or Sony buying Bruce Springsteen’s master and publishing rights, the buyers take control of the musicians’ actual copyrights. When buying rights to royalties, a buyer is only acquiring the passive income from a song’s sales and streams without the copyright control.
The deal reflects the number of different ways artists with iconic catalogs like Simon can monetize or sell their music rights. Simon is choosing to forego his earnings and take a check right away. BMG is taking on the risk and betting that the music will earn more than what they paid. But rather than work the catalog themselves, the company is putting its faith purely in Simon and Garfunkel’s growth on its own.
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The deal is the latest of many acquisitions BMG has closed in the catalog boom. The company bought the rights to late legend Tina Turner’s artist share on her recordings, her writer’s share on publishing, as well as her name, image and likeness in 2021. The company bought Mötley Crüe’s recorded catalog months later. Other artists BMG has secured rights with include Peter Frampton, John Legend and Mick Fleetwood. Most recently, the company bought the recorded catalog of British rock group the Hollies.
“We are delighted to have secured the agreement of Paul Simon for BMG to acquire his royalty interests in Simon & Garfunkel recordings and his neighboring rights income,” BMG’s CEO-designate Thomas Coesfeld said in a statement. “This is a significant transaction. Our ability to secure this deal demonstrates once again that BMG provides the best home for the greatest artists.”
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Courtesy : https://www.rollingstone.com/music/music-news/paul-simon-sells-simon-and-garfunkel-royalty-rights-to-bmg-1234775959/