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Warner Music has purchased a David Bowie songbook for $ 250m, the most recent music downloads that have attracted billions of dollars from investors.
The acquisition gives the rights to publish Bowie’s 26 studio albums over the sixteen years of his career, including songs such as ‘Life on Mars?’ and ‘Let’s Dance’.
The alliance is Warner’s takeover, because traditional music companies have to compete with special giants and investment professionals who want to destroy music downloads.
The money was not disclosed, but Warner paid around $ 250m for the list, according to people familiar with the matter. The Financial Times reported in November that companies were negotiating.
“We are thrilled that David Bowie’s music will now be in the hands of Warner Chappell Music Publishing,” said Allen Grubman, a lawyer representing David Bowie estate. Bowie died in 2016 leaving his property to his second wife Iman and two children.
In the past year, well-known musicians such as Bruce Springsteen, Stevie Nicks and Bob Dylan have sold their record label for nine bucks, earning more and more money for their work as the music industry re-emerges. Springsteen last month agreed to sell his book to Sony Music for $ 550m.
Books make money for years as music continues to be broadcast, broadcast, or used in films and commercials.
KKR and Blackstone have given billions of dollars to buy music rights, seeing them as debt-like assets that offer fixed yields instead of low interest rates.
The songs have two downloads – one for the songwriter and the other for the original recording, or for the masterpiece. Both copies have become quite expensive as releases have revived the industry after a decade-long collapse due to theft.
The Bowie site last year participated in a long-term patent with Warner Music on its self-published books.
Warner, a historian behind Dua Lipa and Cardi B, in December raised a $ 535m loan to support the acquisition.
For large music groups such as Warner, owning big shorts helps them justify their value – Warner market capitalization of $ 22bn – and gain access to advertisers and social media companies who want to use or register their music.
Guy Moot, chief executive of Warner Chappell, the company’s publisher, said: “We look forward to caring. [Bowie’s] unparalleled music and attention and care as we strive to enhance the legacy of this remarkable man. ”
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