From Rob Stringer’s big bet on Springsteen to Michelle Jubelirer taking the Chair: It’s MBW’s Weekly Round-Up

From Rob Stringer’s big bet on Springsteen to Michelle Jubelirer taking the Chair: It’s MBW’s Weekly Round-Up

Welcome to Music Business Worldwide’s weekly round-up – the place we ensure you caught the 5 greatest tales to hit our headlines over the previous seven days. MBW’s round-up is supported by Centtrip, which helps over 500 of the world’s best-selling artists maximise their earnings and scale back their touring prices.

On Wednesday (December 15), we realized that Rob Stringer, Chairman of Sony Music Group, will acquire the coveted 2022 Grammy Salute To Industry Icons award subsequent month in Los Angeles.

A number of hours later, we realized why Stringer could achieve this sporting an extra-wide grin: Sony has formally acquired the entirety of Bruce Springsteen’s recorded music and track rights in a deal believed to be priced someplace between $500 million and $600 million.

(Important element: Sony outright acquired Springsteen’s recorded music rights with its personal cash, however acquired The Boss’s publishing rights in partnership with a co-investor, Eldridge Industries.)

Elsewhere this week, Warner Music Group introduced it had absolutely acquired Kevin Liles’ 300 Entertainment, for a value believed to be simply north of $400 million.

Subsequent to that deal, Liles will proceed to run 300, but in addition turns into the CEO and Chairman of WMG’s frontline label group, Elektra Music Group.

Meanwhile, Michelle Jubelirer has been named CEO and Chair of Capitol Music Group (CMG) at Universal. The revered Los Angeles-based exec steps up from her prior place as President of CMG.

As Chair/CEO of CMG, Jubelirer succeeds Jeff Vaughn, who has vacated that place lower than 12 months after Universal poached him from Mike Caren’s APG.

Other big information this week included Primary Wave‘s $90 million acquisition of a bundle of James Brown rights. And Midem‘s parent confirmed MBW’s scoop that the world expo is being scrapped.

See beneath for 5 of the week’s greatest headlines…

1) Warner buys 300 Entertainment for $400 million

It’s been confirmed that Warner Music Group has acquired New York-headquartered 300 Entertainment.

Warner’s acquisition of the hip-hop label, a long-term associate of WMG/Atlantic Records, was predicted by MBW final month after WMG raised $535 million.

Warner hasn’t disclosed what it paid for 300, however senior business sources inform us {that a} mooted $400 million price ticket is roughly correct.

2) Primary Wave buys bundle of James Brown rights for $90m

Primary Wave Music has acquired a stake in James Brown’s publishing, grasp recording earnings stream, and title and likeness rights.

The New York Times experiences that the deal is estimated at “about $90 million”.

According to an announcement issued to the media, Primary Wave may even proceed a partnership with the James Brown property, which is able to embrace a number of initiatives associated to The James Brown 2000 Trust, which was established in 2000 by Brown for charitable and academic functions.

3) Bruce Springsteen’s $500m-plus catalog sale to Sony Music Group defined

Sony Music Group has formally confirmed that it’s acquired two units of rights – each recordings and music publishing – overlaying the entirety of Bruce Springsteen’s catalog.

The recording rights go to Sony Music / Columbia, whereas Springsteen’s publishing is acquired by Sony Music Publishing.

Sources counsel to MBW that the complete quantity paid to Springsteen for the double acquisition was above $550 million.

4) Official: Midem has been scrapped

It’s official: Midem isn’t any extra.

Midem guardian firm RX France has confirmed that it has axed the occasion, in an e mail despatched out to former delegates.

The e mail confirms the information damaged by MBW this week.

5) Michelle Jubelirer named Chair and CEO of Capitol Music Group

Michelle Jubelirer has been promoted to Chair and CEO of Capitol Music Group (CMG).

The announcement was made at the moment by Universal Music Group (UMG) Chairman and CEO, Sir Lucian Grainge, to whom Jubelirer experiences.

Jubelirer succeeds Jeff Vaughn, who in accordance to Universal is “leaving CMG to pursue new opportunities”.

MBW’s Weekly Round-Up is supported by Centtrip, which helps over 500 of the world’s best-selling artists maximise their earnings and scale back their touring prices.Music Business Worldwide

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