Bruce Springsteen performs at the soundcheck at the Perth Arena in Perth, Australia.
Will Russell | Getty Images
According to Bruce Springsteen, he sold his music rights to Sony Music Entertainment. Billboard report…
The deal, which has long been rumored in the entertainment industry, includes a catalog of Springsteen’s recorded music, as well as his work as a songwriter, according to the post. Its value could exceed $ 500 million, Billboard reports, citing people familiar with the terms.
According to Billboard, this would give Sony full ownership of Springsteen’s entire hit collection, including “Born to Run” and “Born in the USA.”
No public announcement has been made yet. Springsteen and Sony did not immediately respond to CNBC’s requests for comment.
Springsteen worked at Columbia Records, a division of Sony Music, throughout his career.
In recent years, investors and music companies have been investing in buying catalogs of songs amid the rise of streaming services. The stars, including Bob Dylan and Shakira, have sold all or part of their work for hundreds of millions of dollars. Warner Music purchased the worldwide rights to David Bowie’s catalog in September.
Read the whole story from Billboard here…