NEW YORK (CelebrityAccess MediaWire) — Sheryl Crow has sold her music publishing catalogue to an international music publishing operation S1 Songs Group.
The deal sees S1 Songs add 153 songs released by Crow between 1993 and 2008 to its existing portfolio of more than 30,000 songs, as well as securing the rights to Sheryl’s next two albums as part of a co-publishing agreement. According to the Wall Street Journal, the deal was worth about $10 million.
"I think the independence of S1 Songs, together with its creativity and long-term game plan makes it the perfect partner for Sheryl." Crow's manager Scooter Weintraub said in a statement.
S1 Songs Group is an international music publishing operation that is owned by First State Media Group (FSMG) Limited, an investment vehicle underwritten largely by the Commonwealth Bank of Australia. FSMG has invested more than $150 million in music since they launched operations in October 2008.
FSMG is just one of a growing number of private equity and investment funds that are investing heavily in music publishing. Reuters reported that Dutch pension fund ABP dropped an estimated $200 million for the Rodgers & Hammerstein catalog and private equity shop Pegasus Capital shelled out an estimated $50 million to acquire Spirit Media Group which holds publishing rights for artists such as The Grateful Dead and Charlie Mingus.
"The attractiveness of the music publishing rights is the diversity of use," S1 managing director Geordie Manolas told Bloomberg. "We get money from radio stations, hairdressing salons, night clubs, you name it. Anybody who plays music, as long as they are doing it legally, they are paying a royalty to use it." – CelebrityAccess Staff Writers