Singer-songwriter Paul Simon has sold the publishing rights to his music catalog to Sony Music Publishing, a subsidiary of Sony Corporation SNE, for an undisclosed sum.
What Happened: Simon, 79, is one of the music industry’s most versatile talents, first gaining stardom in a mid-1960s partnership with Art Garfunkel with a series of melancholic hits including “Mrs. Robinson,” "Sound of Silence" and “Bridge Over Troubled Water,” and then establishing a solo career with a diverse output including the landmark 1986 “Graceland” album that plumbed multiple cultural experiences.
“I began my career at Columbia/Sony Records and it feels like a natural extension to be working with the publishing side as well,” Simon said in a press statement.
Simon's work has "an enduring influence," Sony Music Publishing CEO John Platt said in a statement.
Simon’s music “resonates deeply as a cultural touchstone for people all over the world. To represent his indelible songs is an incredible honor for Sony Music Publishing, so with tremendous pride, I welcome Paul to our family,” the music exec said.
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Why It Matters: Music catalogs are a lucrative revenue source for entertainment companies, which are able to license classic tunes to films, television shows and commercial advertising.
For performers who have gained legendary status but are past the state of chart-topping hits, catalog sales represent a financially enriching valedictory to long careers.
According to a Rolling Stone report, Bob Dylan sold his catalog for nearly $400 million to Universal Music Publishing Group, a subsidiary of Tencent Holdings TCEHY and Vivendi VIVHY, while Stevie Nicks reportedly earned $100 million from her publishing sale with the privately owned Primary Wave
In addition to Simon, Sony Music also owns the publishing rights to the music of The Beatles, Michael Jackson, Carole King and Queen.
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Paul Simon in a 2011 concert. Photo by wdecora / Flickr Creative Commons.
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