The sale comes as part of a new partnership between the Primary Wave Music publishing group and investment company Brookfield Asset Management.
As the Wall Street Journal reports, the deal also includes non-exclusive rights to Ramone’s likeness and name. Included in the publishing deal are songwriting credits on many Ramones hits including ‘Judy Is A Punk’ and ‘I Wanna Be Sedated’.
In a statement, the singer’s brother, Mitchel Hyman, said: “I’m thoroughly convinced of their eagerness to perpetuate his legacy, and their sincerity about doing it in a way that will never compromise his credibility. I, very much, am looking forward to working with them.
Lexi Todd of Primary Wave added in a statement (via Variety): “Joey Ramone was a total original—his songwriting, style, and voice are all undeniably unique and immediately recognisable still today.
“A counterculture icon and prime mover of punk rock, Ramones demonstrated first-hand the power of music in influencing culture and built a foundation that has influenced decades of musicians.”
Elsewhere, it was announced last year that Pete Davidson would play Joey Ramone in upcoming Netflix biopic I Slept With Joey Ramone. The film was announced to mark 20 years since Ramone died, after a seven-year battle with lymphoma.
The film will be directed by Jason Orley, who worked with Davidson on Big Time Adolescence and Pete Davidson: Alive from New York and will be based on Ramone’s brother Mickey Leigh’s memoir of the same name.
As the wave of publishing sales continues across the music industry, Ramone joins the likes of Phil Collins and Genesis in selling off stakes in their catalogue.
Elsewhere, Bruce Springsteen last year sold his masters and publishing rights to Sony Music in a combined deal worth around $500million, while Bob Dylan sold his entire songwriting catalogue to Universal Music Publishing Group in 2020, for a figure in the region of $300million.