Approximately 27 months after Sony Music Publishing bought Paul Simon’s publisher’s catalogue, the artist sold “his royalty income from Simon & Garfunkel recordings and related rights income” to BMG.
The Bertelsmann-owned music company and the Newark-born musician announced their deal today in a press release emailed to DMN. While the parties involved chose not to disclose the exact financial details of the “significant” transaction, executives took the opportunity to highlight the significant number of streams that Simon & Garfunkel such as “The Sound of Silence”, “Mrs. Robinson” and “Bridge Over Troubled Water” are on the rise.
More broadly, BMG also highlighted that it closed more than 45 music IP investments in 2022, with deals over the past two years focusing on the works of Harry Nilsson, Mötley Crüe, John Lee Hooker, John Legend, Mick Fleetwood and others extended Tina Turner to name a few.
BMG’s new CEO Thomas Coesfeld (who will succeed Hartwig Masuch next month) put it succinctly, making it clear that he believes “BMG offers the best homes for the greatest artists”.
“We are pleased to have received an agreement from Paul Simon for BMG to acquire his royalties on Simon & Garfunkel recordings and his related rights revenues,” said Coesfeld, whose company recently secured The Hollies’ recording catalogue has. “This is a significant transaction. Our ability to secure this deal demonstrates once again that BMG offers the best homes for the greatest artists.”
And in his own remarks, Thomas Scherer, BMG President of Repertoire and Marketing for Los Angeles and New York, stated: “In every list of true greats, Paul Simon stands as one of the pillars of popular music history.” that his music will continue to be honored and respected.”
Although 81-year-old Paul Simon did not comment in BMG’s announcement message, the veteran artist revealed last month that he had lost almost all of his hearing in his left ear – making future live performances seem unlikely.
Back to the catalog section, BMG, a Pimco and KKR partner, isn’t the only company continuing to buy up music IP. Plays and/or raises from Primary Wave, Beyond Music and Anthem Entertainment, Peermusic and CTM Outlander were also delivered in the first three weeks of June alone. Additionally, reports suggest that Universal Music Group is planning a $1 billion-plus acquisition of the Queen plant.