John Legend makes big money moves with latest deal
New York, New York - John Legend is in very good company with his money moves.
The singer, songwriter, and producer is the latest star to sell his music catalog.
Like some of pop music’s greatest such as Bob Dylan, Bruce Springsteen, Tina Turner, David Bowie, and Stevie Nicks, Legend has now cashed in by selling the rights to his catalogs of songs and recording royalties.
According to a public filing back in September cited by Bloomberg, the 12-time Grammy Award-winning crooner sold both the copyrights to and royalties from music he wrote from late 2004 through early last year.
The deal includes his chart-topping pop hit All of Me.
BMG Rights Management, the international music company which has worked with the artist since acquiring his music publisher, Cherry Lane Music Publishing Co., in 2010, bought the rights, in partnership with the private equity firm KKR & Co.
Financial terms were not disclosed.
Legend is much younger than most of the living veteran rock stars who’ve made hundreds of millions lately by selling rights to their music and likeness.
At 43, the Springfield, Ohio, native – whose given name is John Roger Stephens – selling his early catalog is a possible trend-setting move. And the business-savvy Legend is still on a roll.
Bloomberg noted the fact that The Voice mentor is an A-lister and who continues to record, release music, and tour, which would only "help drive streaming revenue for the songs purchased by KKR and BMG."
In 2020, he released Bigger Love, his final full-length project under longtime label home Columbia Records.
Last November, the artist – who was discovered by Kanye West – signed a new deal with Republic Records and released the new holiday single, You Deserve It All. His full-length debut with the label is expected this year.
Legend, who also produces in the film, television, and theater realms, is scheduled to headline a residency called Love in Las Vegas at Vegas' Planet Hollywood Resort & Casino starting in April.
Cover photo: Collage: 123RF/dyxum & IMAGO/Everett Collection