On Thursday (September 29), it was announced that Phil Collins, Tony Banks, and Mike Rutherford (of the band Genesis) had sold their publishing and recorded music libraries to Concord. The "megadeal" was worth more than $300 million.
In addition, Concord bought Australian music publisher Native Tongue for eight figures. Concord also bought assets of HitCo Entertainment.
Genesis, which was started in 1969 and led at first by Peter Gabriel, became one of the most important bands in progressive rock. Gabriel left the band in 1975, and Collins took over lead vocals. The other members, including Tony Banks and Mike Rutherford, slowly moved the band in a more pop-rock direction.
Concord's agreement includes top 10 hits such as "Invisible Touch," "Mama, That's All," and "Abacab," but Gabriel and another former member, Steve Hackett, are not compensated.
The $300 million sale would place Collins and Genesis in the top three spot. They are now only behind Bob Dylan and Bruce Springsteen, who are the only other people who have been able to make a large agreement of its sort. Blondie, Shakira, Mark Ronson, Chic, Tina Turner, and The Killers are some other notable musicians in the last few years who have been able to sell their song catalogs for substantial sums.
The good news remains that these agreements offer them financial stability now and peace of mind that their music will not be subject to protracted legal battles. In exchange, investors receive a cut of future revenues from things like sales, streaming, and licensing deals.