A $550 Million Springsteen Deal? It’s Glory Days for Catalog Sales.
The New York Times
Bob Dylan, Paul Simon, Tina Turner and others have all sold rights to their music for eye-popping prices. Here’s why.
In 1972, a struggling New Jersey musician hustled into Manhattan for an audition at Columbia Records, using an acoustic guitar borrowed from his former drummer.
“I had to haul it ‘Midnight Cowboy’-style over my shoulder on the bus and through the streets of the city,” the rocker, Bruce Springsteen, later recalled in his memoirs.
Half a century later, he can afford plenty of guitars. Last week Sony, which now owns Columbia, announced that it acquired Springsteen’s entire body of work — his recordings and his songwriting catalog — for what two people briefed on the deal said was about $550 million.
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