Jem Aswad Senior Music Editor Phil Collins and his Genesis bandmates Tony Banks and Mike Rutherford have agreed to sell their publishing copyrights and “a mix of recorded music-income streams” to Concord Music Group, the company confirmed to the Wall Street Journal on Thursday.
Sources told the publication the deal was for upward of $300 million. The deal includes the solo material of all three, most notably Collins’ multiplatinum solo albums and Rutherford’s band Mike & the Mechanics, which achieved chart success in the 1980s.
The catalogs of Peter Gabriel and other former members of Genesis were not included in the deal. A rep for Concord tells Variety an official announcement will be made Friday morning.
The transaction is one of the biggest in an era filled with them: Bob Dylan sold his song catalog to Universal Music for a figure sources say was nearly $400 million; Bruce Springsteen sold his publishing and recorded-music rights to Sony for a reported sum of around $600 million; and artists from Stevie Nicks to Neil Young have sold varieties of music assets for around $100 million.
Read more on variety.com
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