(CelebrityAccess) — The legacy catalog acquisition stampede continues, this time with music company BMG and private equity giant KKR joining forces to acquire the entire music interests of the bearded blues-rock icons ZZ Top.
The deal includes a buyout of the band’s publishing catalogue, along with their income from recorded royalties and performance royalties.
The agreement builds on BMG’s existing relationship with ZZ Top, which saw them serving as co-publisher and administrator of the band’s publishing catalog.
With more than 50 million in album sales, ZZ Top’s catalog of 15 albums includes four Gold, three Platinum, two multiple-Platinum, and one Diamond-certified release. ZZ Top’s hits include “Stages,” “Sleeping Bag,” and “My Head’s In Mississippi” among numerous others.
“We are proud to continue working with and expand our long-standing relationship with BMG. This new deal ensures ZZ Top’s remarkable legacy will endure for generations to come,” said ZZ Top manager Carl Stubner.
BMG CEO Hartwig Masuch added, “This deal is a testament to the success, staying power and continuing musical relevance of ZZ Top, but also to the power of our partnership with KKR. This agreement furthers our vision of providing artists and songwriters not just a financial exit, but also a vehicle committed to respecting and treasuring their artistry.”
KKR is investing in the catalogue through its private credit investment funds and vehicles and will own its interest in ZZ Top’s music through its recently launched Chord Music Partners platform. Latham & Watkins LLP served as advisor to KKR on the transaction.
The financial terms of the transaction were not disclosed.