(CelebrityAccess) — Canadian investment firm Brookfield Asset Management Inc. has partnered with independent publisher Primary Wave Music with plans to make major investments into music copyright.
According to the Wall Street Journal, the deal will see Brookfield take a significant minority interest in Primary Wave and will commit up to $1.7 billion to create a permanent investment vehicle focused on acquiring music IP.
The investment fund is structured for long-term plays in the music rights market, unlike Primary Waves’ other funds, which are structured to have a 10- to 12-year lifespan, the Wall Street Journal reported.
As part of the deal, Creative Artists Agency will also join as a minority investor in Primary Wave, leveraging their film, television, theatrical and branding teams for placement of acquired copyrights.
At launch, the new joint venture has multiple deals in the pipeline and has already secured a majority stake in the music publishing assets of the late punk/garage rock legend Joey Ramone, including his songwriting interests for hits such as “I Wanna Be Sedated,” “Sheena is a Punk Rocker,” and “Rock ‘n’ Roll High School,” for a reported $10 million.
“It means there isn’t any good acquisition that we couldn’t do in the music business,” Primary Wave Chief Executive Larry Mestel told the WSJ. “We’re not limited by size or opportunity.”