John Legend is cashing in: he has just sold the publishing rights to his music catalog.
The 12-time Grammy winner struck a deal with global investment firm KKR & Co. and music company BMG to sell both copyrights and the rights to receive royalties from songs he wrote beginning in 2004 per the New York Post.
Terms of the deal were not disclosed but filings indicate that the agreement was made in September.
Per Bloomberg, The agreement with Legend covers “all present and future accounts and payment intangibles” for the right to collect royalties and other income from music he composed or wrote from Dec. 1, 2004, to Jan. 1, 2021, as well as the copyrights to the works, according to a Uniform Commercial Code financing statement filed in November in New York state, where John Legend Music Inc. is based.
News of Legend’s sale of his catalog comes as a number of legends have sold their catalogs; it’s just a month after Bruce Springsteen sold his music rights to Sony Music Entertainment for $550 million surpassing Bob Dylan’s $400 million sell to Universal Music Group.