The legendary singer-songwriter Bob Dylan sold his entire song portfolio to Universal Music Publishing Group. The 79-year-old musician made a hot deal with the company that includes his classics such as Like a Rolling Stone, Tangled Up In Blue, The Times They Are a-Changin, and Blowin' in the Wind.
The singer sold over 600 songs that were released throughout six decades. The company officially announced the deal on Dec. 7. The agreement between the musician and the Universal Music Publishing Group was revealed by The New York Times.
As per the outlet, the deal is worth more than $300 million, and it marked the highest price any musician or band ever got paid. However, the Universal Music Publishing Group has not disclosed the exact amount of the deal so far.
The company is owned by Vivendi, which is a French media giant. After acquiring the singer's catalog's rights, the company can collect money from any other musician who plays his songs or make covers of any of these music tracks.
Moreover, if the song is played in a movie or commercial, then the company will earn revenue out of the tracks. Additionally, the company will profit from the online streaming of the songs along with selling the music tracks commercially in CD format or broadcasting it on radio and television.
The company also owns the songwriting rights, which means the company has not only the melody but also the lyrics of the songs. As per the company, the songs of the legendary singer are already recorded by other musicians over 6,000 times, including the popular version of All Along the Watchtower's cover by Jimi Hendrix and Knockin' on Heaven's Door by Guns N' Roses.
"Brilliant and moving, inspiring and beautiful, insightful and provocative, his songs are timeless whether they were written more than half a century ago or yesterday," Universal Music Group's CEO, Sir Lucian Grainge, issued an official statement.
The work done by the musician can be compared with only one band, the Beatles. The deal was done following the singer's unpublished songs auction for $495,000. A couple of years ago, Michael Jackson's property’s half-share was sold, which was owned in the artist's catalog. However, it got $750 million.
Dylan began his career in New York City's Greenwich Village during the 1960s. The singer introduced an electric guitar in 1965 on stage, which divided the community of music.