Paul Simon has sold a “substantial stake” in his royalties to BMG from his iconic recordings with Simon and Garfunkel for a sum in the eight figures.
, the company announced on Thursday, marking yet another notable deal in the music acquisition space. Simon sold a “substantial stake” in his rights to the royalty income from Simon and Garfunkel’s recordings, along with a type of public performance royalty called neighboring rights, the company said.
BMG declined to give financial details about the purchase or disclose how much of a stake in the royalty rights it bought, but a source familiar with the matter tellsWith Simon’s royalty income, BMG will now take in earnings from a slew of Simon and Garfunkel hits like “The Sound of Silence,” “Mrs. Robinson,” “The Boxer,” and “Bridge Over Troubled Water.
“In any list of the true greats, Paul Simon stands as one of the pillars of popular music history,” Thomas Scherer, BMG’s President, Repertoire & Marketing, Los Angeles and New York, said in a statement. “We will play our part to ensure his music continues to be honored and respected.”
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