Image credit: Kevin Mazur via The New Yorker
An affiliate of Concord Music Publishing has purchased 145,000 owned and co-published copyrights from Downtown Music Holdings.
The gold rush for music rights is still in full effect as an affiliate of Concord Music Publishing has purchased 145,000 owned and co-published copyrights from Downtown Music Holdings.
However, unlike previous copyright purchases, which focused on artists from the ’60s and ’70s, there included a wide range of younger musical talent such as Lady Gaga, Beyonce, and Jay Z. The deal also includes work from older artists such as Eric Clapton and Stevie Wonder.
Rolling Stone reports that Downtown sold its copyrights in order to focus on its other services such as publishing, sync licensing, and its songwriter royalties platform, Songtrust.
Downtown’s Founder and CEO, Justin Kalifowitz said in a statement: “Concord is an excellent home for this extraordinary catalog that we’ve had the unique privilege to build over the past 14 years.” Adding: “Not only does Concord recognize the value of these works, but this transaction further demonstrates the true strength of the modern independent music sector.”
The acquisition was finalised with a staggering price tag of $300 million, however, it is believed that more money may be involved by the time the transaction is complete. The terms and conditions of the deal between the companies have not been made public.
Concord has also previously purchased other notorious music houses in the past year, including KIDZ BOP and Fearless Records.