Concord acquire Genesis catalogue in $300 million deal
completemusicupdate.comThe latest big bucks music rights deal has been confirmed, with Concord acquiring a stack of copyrights and revenue rights from good old Genesis.According to the Wall Street Journal, the deal is valued at over $300 million, and gets Concord ownership of song rights, and certain recording rights and revenues, from all three members of the band’s classic line-up: Phil Collins, Mike Rutherford and Tony Banks.
That includes music from the three musicians’ respective solo careers as well as Genesis itself.Concord was already the administrator of the song catalogues of Collins and Genesis, and the music firm’s President Bob Valentine confirmed that it was via that existing relationship that talks regarding a big old catalogue acquisition began.Confirming the deal had been done, Genesis manager Tony Smith of TSPM said: “This is a catalogue of music that we are all extremely proud of and it means a great deal to many fans.
Concord is one of the global leaders in music with whom we have been working for many years on the publishing side, [a relationship we are now] extending to the whole recording catalogue together with publishing.
We have been impressed by their good judgement and sensibilities as to the wishes of the artists”.Although under the deal Concord gets an interest in the Genesis recordings, some other labels will also continue to be involved on that side.
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