Phil Collins and Genesis have sold some of their publishing rights and master recordings for more than $300 million (£269 million).
The Wall Street Journal reported on Thursday that the You’ll Be In My Heart singer-songwriter and his former Genesis bandmates had reached a deal with Concord Music Group Inc. to sell a portion of their music rights.
The deal includes the publishing rights, master recordings, and various recorded music income streams for the work of Collins, Mike Rutherford, and Tony Banks. It spans work that the musicians created during their individual careers, as well as their titles recorded as Genesis.
However, Concord does not hold the rights to Peter Gabriel’s music, either from his solo career or his time in the group, or the catalogues of any other former Genesis members.
Concord President Bob Valentine told The Wall Street Journal that the company plans on using its newfound music rights to distribute the band’s old songs amongst a younger generation.
“In the world we live in today with Facebook, Instagram, TikTok, all these things that drive consumption of older music… there are definitely ways for us as a record company to bring some of this music back to life,” Valentine said. (MusicNews)