Bruce Springsteen accepts the latest Springsteen on Broadway curtain call at the Walter Kerr Theater on December 15, 2018 in New York City.
Taylor Hill | Getty Images
Bruce Springsteen in talks sell the rights to your recorded music to Sony Music along with its catalog of publications, according to Billboard reports.
Although Boss has worked with Sony Music’s Columbia Records since signing with the label in 1972, he regained the rights to his music over the course of his career by renegotiating the terms of his contract.
While the deal with the album catalog is almost complete, negotiations for the publishing catalog remain open, according to Variety.
News of Springsteen’s plans to sell his music rights emerged just over a month after the singer-songwriter’s 72nd birthday. Many in the industry assume this sale is part of Springsteen’s estate planning.
Representatives for Bruce Springsteen and Sony Music were not available for comment.
Song catalogs are a valuable asset, but require extensive management that the heirs often cannot handle.
In addition, there is a move in Washington to raise the capital gains tax above the current level of 20%. So Springsteen could close the deal before the end of the year, Billboard said.
According to the publication, Springsteen’s albums are estimated at $ 145 to $ 190 million.
Ultimately, according to Billboard, Springsteen’s salary to sell all of his rights could range from $ 330 million to $ 415 million.
That will be the $ 400 million that Bob Dylan reportedly received when he sold his song catalog to Universal Music Publishing last year.