The Boss is getting paid.
Bruce Springsteen has sold his entire music catalogue to Sony Music Entertainment for an estimated $500 million, according to Billboard. The details of the deal were not publicly disclosed, but it’s thought to be the largest transaction for an artist’s work in history.
The New York Times reports:
The arrangement, which has been gossiped about in music industry circles for weeks, includes both Springsteen’s recorded music catalog and his body of work as a songwriter. It will give Sony ownership of Springsteen’s complete collection of classic songs like “Born to Run,” “Born in the U.S.A.” and “Blinded by the Light.”
“There’s been a purchasing boom for song rights,” notes CBS News, as artists including Bob Dylan, Stevie Nicks, Paul Simon, Shakira and Neil Young have recently sold off all or parts of their catalogues.
Springsteen, 72, has been with Sony’s Columbia Records for his entire five decade career. He’s sold more than 150 million records.