Multiple Grammy winner Bruce Springsteen has reportedly sold his entire music catalogue to Sony Music for around US$500 million ($735m).
Billboard first reported the deal, which is one of the most lucrative music sales in decades.
Variety reports the sale is a "done deal" and will give Sony ownership of Springsteen's entire collection of music from 15-time platinum album Born In The U.S.A and five-time platinum The River.
Springsteen, 72, has owned the rights to his own music since the 1990s. In 2020, his music made around US$15 million in revenue.
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No public announcement has been made regarding the sale, but it's the latest in a string of such deals over the past couple of years. Investors, major labels and private equity firms are pouring billions into the acquisition of song catalogues amid the rise of streaming.
The music of David Bowie, Bob Dylan, Stevie Nicks and Paul Simon has been acquired in similar deals over the past year or so.
Warner Music bought the rights to Bowie's music in December, while Dylan sold his catalogue of over 600 songs in December 2020 to Universal Group for around US$300 million.
Sony's Columbia Records, where Springsteen recorded his music, did not respond to a request for comment from the Daily Mail UK.
The specific terms of the deal remain unknown.
Artists who sold their music rights in the past have been frowned upon, though it has become a common practice in recent years.
Musicians close to retirement age or past it who want to begin estate planning see such sales as attractive due to their music reaching unexpected heights thanks to streaming services.
To optimise their value, song catalogues also require careful management.
