Coo coo ka-ching: music legend Paul Simon sold his song catalog to Sony for $250 million, making it among the most valuable songbooks in the world.Paul Simon’s song catalog sold for approximately $250 million last month, according to sources familiar with the transaction, making it one of the largest music publishing deals of the past two years.
A spokesperson for Sony/ATV declined to comment on the terms of the deal. Representatives for Simon did not return requests for comment. Unlike those recordings, which are typically owned by the labels that produce and distribute them, the copyrights of song compositions default to the songwriters, who often share those rights with a publishing company. Those rights earn money in a number of ways. In addition to royalties from streaming and radio plays, rights holders collect money from public usage of songs in locations ranging from football stadiums to local dive bars.
That kind of steady, diversified stream of income has made publishing catalogs attractive to investors looking for low-risk alternatives to bonds while interest rates remain rock-bottom. For classic artists, the increased interest in catalogs has become a goldmine and Simon, like Dylan, held fast to his songwriting credits over the years and almost always wrote alone.
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