Bruce Springsteen performs at a sound check at the Perth Arena in Perth, Australia.
Will Russell | Getty Images
Bruce Springsteen has sold his music rights to Sony Music Entertainment in what could be the biggest deal ever struck for a single artist’s body of work.
The transaction, which has been rumored in the entertainment industry for a while now, includes Springsteen’s recorded music catalog as well as his entire body of work as a songwriter, Sony announced in a press release on Thursday evening.
The terms of the deal were not provided. However, Billboard reported earlier in the day that its value may exceed $500 million, citing people familiar with the terms.
A representative from Sony declined to comment on a price.
Sony said it partnered with investment advisory firm Eldridge on the songwriting catalog purchase.
The acquisition gives Sony full ownership of Springsteen’s complete collection of hit songs including “Born to Run” and “Born in the U.S.A.”
Springsteen has been with Columbia Records, a unit of Sony Music, for his entire career.
“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,” said Springsteen in the release. “I’m thrilled that my legacy will continue to be cared for by the company and people I know and trust.”
In recent years, investors and music companies have poured dollars into buying up song catalogs amid the rise in streaming services. Stars including Bob Dylan and Shakira have sold all or parts of their work, fetching hundreds of millions of dollars. Warner Music bought worldwide rights to David Bowie’s catalog in September.
Find the full press release from Sony here.
