STOCKHOLM (CelebrityAccess) — Stockholm-based Pophouse Entertainment announced it has formed a joint venture with the family and estate of the acclaimed DJ, songwriter, producer and composer Avicii.
The deal includes the acquisition of a 75% ownership stake in Avicii’s master recordings and publishing with the late artist’s family and estate retaining the remaining 25%.
The joint venture will seek to leverage Avicii’s catalog and likeness for projects such as the Avicii Experience, an interactive museum in Stockholm that opened in February.
According to Pophouse, the deal will allow Tim “Avicii” Bergling’s parents, Klas Bergling and Anki Lidén, to step back from day-to-day oversight of his recorded music assets and focus on Tim Bergling Foundation, which they founded in their son’s name after his passing.
“Pophouse has presented a concrete concept and proposal for the long-term care and development of Tim’s musical heritage,” said Klas Bergling. “Through this deal, we are also securing the Tim Bergling Foundation’s long-term finances, creating an opportunity to act decisively on the Foundation’s commitments to supporting such important issues as mental health and the well-being of young people. Working with the Tim Bergling Foundation is a full-time commitment for us. The foundation has only been running for a few years and much needs to be done for a long time to come.”
“We are investing to build a roster of the artists that shaped the sound of modern pop music. Artists that have songs and recordings that might be classics today and iconic tomorrow. Trailblazers of their times on a global scale. Such legacies should not just be remembered, they should be fully experienced in new and exciting ways. That’s the future we are shaping,” added Pophouse Head of Investments, Johan Lagerlöf.
The financial terms of the transaction were not disclosed.