Mötley Crüe have sold their entire recording catalogue to BMG for a reported $150million (£112m).
Despite Variety citing sources who say the deal is roughly around the $150million mark, other sources claim it is “significantly lower.”
Speaking about the deal, the band said: “It feels amazing to be collaborating with our new partners at BMG,” said the band in a collective statement. “Their extensive track record of success in rock made them the perfect home to continue preserving and growing our musical legacy, ensuring we always stay at the top.”
Manager Allen Kovac added: “After working side by side with BMG for well over a decade, the relationship we have developed and success we’ve accomplished over the years made this a very easy transition to entrust with this treasured rock catalogue.”
“This is more than just a significant transaction,” BMG CEO Hartwig Masuch added. “It’s a new chapter for an extraordinary catalogue. Few bands understand the myth and the magic of rock like Mötley Crüe do.”
Over the last year, a host of songwriters and bands have sold the rights to their recording catalogues, with the Hipgnosis company spending $1billion (£720m) on acquiring artists’ back catalogues in the past year, it was revealed in July.
The investment company has made waves in recent months after purchasing the catalogues of artists including Lindsey Buckingham and Blondie, as well as Jimmy Iovine’s worldwide producer royalties and half of Neil Young’s songs in a deal thought to be worth an estimated $150million (£110million).
Tina Turner recently became the latest artist to sell the rights to her back catalogue, with her new deal with BMG reportedly worth more than $300million (£225m).
Recent reports also claim that Bruce Springsteen is in talks to sell his recorded catalogue to Sony Music.
According to sources (via Billboard), the deal between The Boss and the US global music company is almost complete. The musician is also looking to sell off his publishing catalogue.