(CelebrityAccess) — The legacy catalog sales continue to boom with Jim Peterik, founder and frontman of Survivor and a member of The Ides of March, and Pride of Lions sold a majority stake in his music publishing catalog to Primary Wave Music.
The deal includes rights to many of Peterik’s hits, including multi-platinum “Eye of the Tiger” from the soundtrack of the movie “Rocky III” as well as “Hold On Loosely,” “Caught Up In You,” recorded by 38 Special, and “Vehicle,” which he wrote for his band Ides of march.
The deal also covers Peterik’s share of his co-writes such as “Burning Heart”, “High On You” and “I Can’t Hold Back”.
Under the terms of the deal, which was worth a reported $20 million, according to MBW, Peterik will have access to Primary Wave’s marketing team and publishing infrastructure, which includes digital strategy, branding, licensing, synch opportunities, as well as film, television, and theatrical production.
“I’m thrilled to be with a company who is as passionate about music as I am. Primary Wave’s roster speaks for itself,” says Jim Peterik. He goes on, “It seems that many of my musical heroes feel the same way! I’m looking forward to great days ahead creating new music and finding new homes for the many songs in my catalogue!”
“We met Jim almost four years ago where he invited us back to his home studio after a lovely lunch,” states Jeff Straughn, Chief Brand Officer at Primary Wave Music. “It was love at first sight and we knew then that it would only be a matter of time to have Jim join the Primary Wave family. We are ecstatic to be working with such a legend.”
With the deal, Peterik has joined a growing collection of veteran musicians who have cashed in on their music publishing catalogs in recent years, including Bob Dylan, Neil Young, Stevie Nicks, Chris Isaak, Lindsey Buckingham, among others.