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The Beach Boys confirmed that they sold their catalog of music and other assets.
The Rock and Roll Hall of Fame announced on Thursday that Iconic Artists Group, headed by music executive Irving Azoff, has acquired controlling interest in its intellectual property, including “its sound recordings, the brand, selected musical compositions and memorabilia” , by Variety.
As part of the deal, the Beach Boys and their heirs will maintain interest in their assets to “participate in the positive side that Iconic hopes to create by doing marketing and actively promoting the Beach Boys”.
Other financial terms of the deal have not yet been released.
NEW BEACH BOYS ALBUM AS ‘1965 AGAIN’, says MIKE LOVE
“The Beach Boys and our music have been one of the great joys of our lives,” said Brian Wilson, Mike Love, Al Jardine and Carl Wilson’s estate in a joint statement.
Clockwise from the left, the Beach Boys are Al Jardine, Mike Love, Brian Wilson, Dennis Wilson and Carl Wilson. (Getty)
“For more than half a century, we have witnessed generations of fans from all corners of the world coming together to celebrate our music, dancing and singing along with the songs we have loved and played for decades. As we look forward to the Beach Boys’ next 60th anniversary, we wanted a partner to help expand opportunities for our brand, while continuing to preserve our tradition as a band whose music transcends the test of time. We are confident that Irving and Iconic are the ideal partners and that the Beach Boys’ continued legacy is in the best possible hands. We are very proud of what we achieved as Beach Boys and how our songs continue to resonate with our fans, “continued the statement.
$ 100M STEVIE NICKS PUBLISHING RIGHTS AGREEMENT WITH PRIMARY WAVE MUSIC
Meanwhile, Azoff called the Beach Boys an “American treasure” and is honored that the band “charged Iconic with preserving and growing its legacy”.
Other major artists recently sold their music publishing rights. Bob Dylan sold the rights to all of his songs to Universal Music Group in December 2020 and Stevie Nicks sold the rights to his songs to Primary Wave Music at the same time.
Citing people familiar with the transaction, the Wall Street Journal reported that the sale was made for $ 100 million, giving the company an 80% stake in the rights.
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The purchase also gives Primary Wave the rights to Nicks’ name and image, and the singer will be allowed to hire new composers for a joint venture.