ZZ Top have sold their entire “music interests” to music firm BMG and investment house KKR.
The rock group, which consisted of guitarist Billy Gibbons, drummer Frank Beard and vocalist-bassist Dusty Hill until Hill’s death in July, hailed the deal as a way of continuing their legacy.
“We are proud to continue working with and expand our long-standing relationship with BMG. This new deal ensures ZZ Top’s remarkable legacy will endure for generations to come,” their manager, Carl Stubner, said in a press statement.
The deal, the value of which has not been disclosed, includes the Gimme All Your Lovin’ rockers’ publishing catalogue, as well as their income from recorded royalties and performance royalties. BMG previously managed the trio’s publishing catalogue.
Since forming in 1969, they have sold over 50 million albums worldwide and were inducted into the Rock & Roll Hall of Fame in 2004.
BMG CEO Hartwig Masuch added: “This deal is a testament to the success, staying power and continuing musical relevance of ZZ Top, but also to the power of our partnership with KKR. This agreement furthers our vision of providing artists and songwriters not just a financial exit, but also a vehicle committed to respecting and treasuring their artistry.”
The deal is just the latest blockbuster agreement between a legacy rock act and investors or music firms. According to reports, Bruce Springsteen recently sold his back catalogue to Sony for $500 million (£375 million).
– Cover Media