ZZ Top sells publishing catalogue to BMG and KKR for undisclosed price

TrustCo Bank Corp N Y

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TrustCo Bank Corp NY is a savings and loan holding company. The Company's principal subsidiary is Trustco Bank (the Bank). The Bank focuses on providing service to the communities served by its branch-banking network. It operates through community banking segment. The Company operates in the geographical region of Upstate New York with branches also in Florida and the mid-Hudson valley region of New York. The Bank's subsidiary, Trustco Realty Corp., is a real estate investment trust (REIT) formed to acquire, hold and manage real estate mortgage assets, including residential mortgage loans and mortgage-backed securities. The Bank's trust department operates under the name, Trustco Financial Services, and serves as executor of estates and trustee of personal trusts, provides asset and wealth management services, and provides estate planning and related advice, provides custodial services.

ZZ Top sells publishing catalogue to BMG and KKR for undisclosed price

7:36 am ET December 21, 2021 (MarketWatch) Print

BMG and private equity firm KKR & Co Inc. (KKR) on Tuesday said they paid an undisclosed price for the entire music interests of ZZ Top. The band agreed to sell its publishing catalogue and income from recorded royalties and performance royalties. BMG had already been co-publisher and administrator of ZZ Top's publishing catalogue. The agreement comes 50 years after Billy Gibbons (guitar, vocals), Dusty Hill (bass, keys, vocals) and Frank Beard (drums) released their debut album, ZZ Top's First Album, in 1971. A 2004 inductee into the Rock & Roll Hall of Fame, ZZ Top has sold more than 50 million albums worldwide. ZZ Top manager Carl Stubner of Shelter Music Group and BMG CEO Hartwig Masuch and KKR partner Jenny Box led the deal. The transaction comes after Bruce Springsteen sold his music catalog to Sony for a reported $500 million.

-Steve Gelsi

(END) Dow Jones Newswires

December 21, 2021 07:36 ET (12:36 GMT)