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.
(END) Dow Jones Newswires
December 21, 2021 07:36 ET (12:36 GMT)
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