The Spinners in 1965.
Reservoir Media has invested in The Spinners’ music IP through catalog deals with the estates of founding members Billie Henderson, Pervis Jackson and Bobbie Smith, and Henry Fambrough, the last surviving original Rock and Roll Hall of Fame member.
New York City-based Reservoir (NASDAQ: RSVR) today announced its agreements with 85-year-old Fambrough and the named singers’ estates, just over a month after it announced a publishing collaboration with rapper Armani White. After the early departures of CP Spencer (replaced by George Dixon) and James Edwards (replaced by Smith), the above artists formed The Domingoes in 1954, which became The Spinners in 1961.
After recording tracks like “It’s a Shame” and experiencing others personnel changes – The R&B act then signed to Atlantic Records and achieved mainstream commercial success in the 1970s. The group’s many popular releases from this decade include “Could It Be I’m Falling in Love?”, “Then Came You” (a collaboration with Dionne Warwick) and “The Rubberband Man,” to name a few.
(The Songwriters Hall of Famer inductee Thom Bell, who wrote and/or produced this and many other works, passed away in late December last year. Additionally, in April 2023, Henry Fambrough announced his retirement from The Spinners and the group will carried on on without original members, has booked a number of live performances for the remainder of the year.)
Coming back to the Reservoir acquisition, the company said the deals just announced comprise “the main sources of royalties” from Fambrough and the involved properties.
Although bosses chose not to disclose the exact financial figures, Fambrough issued a statement emphasizing the impact of the “significant” investment on the heirs of Henderson, Jackson and Smith.
“I’m thrilled that Bobbie, Pervis and Billie’s heirs have received the proceeds of a significant catalog sale,” said Fambrough, whose group has released albums like 1973’s Crackhead, 1974s Mighty Loveand 1975s Choice of litter. “I am honored by this sale and the timing of this induction into the Rock and Roll Hall of Fame, but I regret that Bobbie, Pervis, Phillipe and Billie will not be here to attend the catalog sale and Hall of Fame ceremony , both a wonderful timely moment.”
According to executives, Reservoir now represents “over 150,000 copyrights and 36,000 master recordings” and, by this time in 2023, has also secured music IP deals with Mannie Fresh, Sonny Rollins and Dion. When the market closed today, the company’s stock was worth $5.97 per share, down almost 11 percent since the end of June 2022.