Ahead of his Las Vegas residency set to start in April, John Legend has sold his music catalog to DL Music IP LP—an affiliate of BMG and private equity firm, KKR, who each purchased a 50% stake in the catalog. The singer-songwriter has also sold the copyrights to the music as well as his rights to receive royalties from songs he wrote dating back to late 2004 up until early 2021, according to a report from Bloomberg.
The financial terms of the deal have not been publicly disclosed, but the deal was reportedly agreed upon in Sept. 2021.
As stated in a Uniform Commercial Code financing statement filed this past November in New York state, the agreement covers “all present and future accounts and payment intangibles” for the right to collect royalties and other income from music Legend composed or wrote from Dec. 1, 2004, through Jan. 1, 2021, as well as the copyrights to the works. John Legend Music Inc. is based in NY.
In March 2021, BMG and KKR announced their partnership to “pursue recorded music, music publishing and other music rights acquisitions.” In the announcement, the terms of the agreement read, “BMG and KKR will join forces to source individual transactions to acquire music catalogs, bringing together BMG’s deep industry knowledge and global capabilities in maximizing value for its artists with KKR’s vast network, resources and deep experience as an investor in market-leading music, digital, media and content businesses.”
BMG has worked with the Get Lifted crooner since the company acquired his music publisher, Cherry Lane Music Publishing Co., in 2010. Recently, acts such as Bob Dylan, Stevie Nicks, Neil Young, and Bruce Springsteen have all struck deals for their work with Springsteen’s sale reaching $500 million.