John Legend sells music catalogue to KKR-BMG

Hitmaker John Legend recently sold his music catalogue to KKR-BMG, as confirmed by Variety. According to a regulatory filing, under this deal, the singer/songwriter sold both the copyrights and the rights to receive royalties from his music from late 2004 through early last year. This includes his most popular songs “All of Me” and “Ordinary People”. 

Legend and BMG have been working together since the company acquired his music publisher, Cherry Lane Music Publishing Co., in 2010. This latest deal, however, was struck last September. Financial terms for this deal were not disclosed. 

KKR-BMG is a joint venture consisting of investment firm KKR and label/publisher BMG. They partnered up last May to acquire major music catalogues. With this partnership, BMG and KKR aim to “deliver a compelling solution for artists, songwriters and other music rights owners seeking to realise and grow the value of their music assets.”

Music catalogue acquisitions have been made popular since KKR’s re-entry in the music business as it acquired One Republic’s music catalogue last January for $200 million. Icons such as Bob Dylan, Bruce Springsteen, Stevie Nicks and Neil Young have also sold their music catalogue to giant music rights companies. Springsteen’s catalogue even reached $500 million.

Legend, however, is known as one of few artists that have sold their music catalogue in the earlier stage of their career.