ZZ sells best-selling publication catalog and royalties for $ 50 million
On Tuesday (December 21) news broke that legendary blues-rock band ZZ Top have sold their “entire musical interests” to BMG and KKR for $ 50 million. According to the initial report of Variety, the agreement includes the full sale of the group’s publishing catalog, their recorded royalties and their performance royalties.
This movement was a bit of a natural progression. Previously, BMG was co-editor and administrator of the ZZ Top publication catalog. The deal with KKR comes as the two organizations have explicitly entered into a partnership to acquire catalogs like this one.
“This agreement is a testament to the success, sustainability and continued musical relevance of ZZ Top, but also to the power of our partnership with KKR,” said Hartwig Masuch, CEO of BMG. “This agreement reinforces our vision to provide artists and songwriters not only with a financial outflow, but also a vehicle committed to respecting and cherishing their art.”
Likewise, ZZ Top Director Carl Stubner said: “We are proud to continue working and expanding our long-standing relationship with BMG. This new agreement ensures that ZZ Top’s remarkable legacy will last for generations to come.
The deal comes as many artists, especially 20th century legends, sell their catalogs. Last year Bob Dylan sold his catalog for an unspecified “nine-digit” number. This year, BMG acquired catalogs from Tina Turner and Motley Crue, and KKR acquired a hefty catalog from Kobalt Capital Limited. This month, Bruce Springsteen made headlines for a $ 550 million deal to sell his catalog to Sony.
For ZZ Top, the sale marks the end of a difficult year – bassist Dusty Hill passed away last January, ending a 50-year streak without any roster change. Since his passing, guitarist Billy Gibbons and drummer Frank Beard have continued to tour with longtime guitarist Elwood Francis, replacing bass.
Learn more about ZZ Top HERE.
Photo by Frank Hoensch / Redferns