Paul Simon has sold a major share of his work to BMG, including his royalty income in Simon & Garfunkel.
The move follows Simon selling off his publishing catalogue to Sony Music Publishing in 2021. While BMG has not disclosed the price of the deal or the exact stake sold off, a source told Rolling Stone that the agreement closed in the eight-figure range.
The deal includes royalties from Simon & Garfunkel and a public performance royalty referred to as neighbouring rights, though it doesn't encompass Simon's solo work. As per reporting by Variety, the acquisition was one of the "most significant" of BMG's many deals in recent years.
BMG now has a more substantial claim in iconic tracks like "Mrs. Robinson," "The Sound of Silence," "Bridge over Troubled Water" and "The Boxer." Nearly all of Simon & Garfunkel's hits were written by Simon himself.
"In any list of the true greats, Paul Simon stands as one of the pillars of popular music history. We will play our part to ensure his music continues to be honoured and respected," said Thomas Scherer, BMG's President, Repertoire & Marketing, Los Angeles and New York.
"Our ability to secure this deal demonstrates once again that BMG provides the best home for the greatest artists," BMG CEO-designate Thomas Coesfeld added.
Simon is one of many artists who have recently chosen to sell their publishing catalogues and/or royalty stakes. Sum 41's Deryck Whibley, Lindsey Buckingham and Jimmy Iovine are among some of the artists who have sold the rights to their music in the past few years.
The move follows Simon selling off his publishing catalogue to Sony Music Publishing in 2021. While BMG has not disclosed the price of the deal or the exact stake sold off, a source told Rolling Stone that the agreement closed in the eight-figure range.
The deal includes royalties from Simon & Garfunkel and a public performance royalty referred to as neighbouring rights, though it doesn't encompass Simon's solo work. As per reporting by Variety, the acquisition was one of the "most significant" of BMG's many deals in recent years.
BMG now has a more substantial claim in iconic tracks like "Mrs. Robinson," "The Sound of Silence," "Bridge over Troubled Water" and "The Boxer." Nearly all of Simon & Garfunkel's hits were written by Simon himself.
"In any list of the true greats, Paul Simon stands as one of the pillars of popular music history. We will play our part to ensure his music continues to be honoured and respected," said Thomas Scherer, BMG's President, Repertoire & Marketing, Los Angeles and New York.
"Our ability to secure this deal demonstrates once again that BMG provides the best home for the greatest artists," BMG CEO-designate Thomas Coesfeld added.
Simon is one of many artists who have recently chosen to sell their publishing catalogues and/or royalty stakes. Sum 41's Deryck Whibley, Lindsey Buckingham and Jimmy Iovine are among some of the artists who have sold the rights to their music in the past few years.