Musician Bob Dylan has reportedly sold the publishing rights to his entire catalog of music to Universal Music Group.
The price of the sale is not yet known but is estimated to have been at least $300 million, according to an article published Monday by The New York Times.
Breaking News: Bob Dylan has sold his entire songwriting catalog to Universal Music, in what may be the biggest acquisition ever of a single act’s publishing rights. https://t.co/tFyt5oFaCq
— The New York Times (@nytimes) December 7, 2020
“It’s no secret that the art of songwriting is the fundamental key to all great music, nor is it a secret that Bob is one of the very greatest practitioners of that art,” chief executive of the Universal Music Group Lucian Grainge said in a statement, according to The New York Times. (RELATED: Taylor Swift Reveals She Did Try To Buy Back Her Masters)
“To represent the body of work of one of the greatest songwriters of all time — whose cultural importance can’t be overstated — is both a privilege and a responsibility,” chief executive of Universal’s publishing division Jody Gerson told the outlet.
The publishing rights are different from the rights to an artist’s masters. Artists and music publishers can collect royalties and licensing fees anytime the music is sold, streamed, played on the radio or used in movies and TV commercials.