In a move that further consolidates the music industry’s power dynamics, Universal Music Group (UMG) has announced a deal to acquire a minority stake in a company that owns the music catalogs of John Legend and The Weeknd.
The deal, which is reportedly worth $240 million, will give UMG access to over 60,000 songs, including some of Legend and The Weeknd’s biggest hits.
This acquisition is part of a broader trend of major music labels buying up the rights to popular music catalogs, including Legend’s hits “All of Me” and “Ordinary People” and The Weeknd’s “Blinding Lights” and “Save Your Tears.”. In recent years, UMG has acquired the catalogs of artists such as Bob Dylan, Paul Simon, and Sting.
The move has been met with mixed reactions. Some critics argue that it will lead to higher prices for music consumers and less competition in the music industry. Others argue that it is a natural evolution of the music business and that it will allow UMG to better promote and preserve the music of these iconic artists.
Only time will tell what the long-term impact of this deal will be. However, it is clear that UMG is making a major play to become the dominant force in the music industry.
UMG CEO Lucian Grainge said in a statement:
“We are thrilled to welcome John Legend and The Weeknd to the Universal Music family. These iconic artists are at the top of their game, and their music has inspired and entertained fans around the world. We look forward to working with them to continue to grow their careers and build on their incredible success.”
John Legend said:
“I’m excited to partner with Universal Music Group. They have a long history of working with some of the biggest artists in the world, and I’m confident that they will be able to help me take my career to the next level.”
Here are some additional details about the deal:
- UMG is acquiring a 25.8% stake in the company that owns the music catalogs of John Legend and The Weeknd
- The deal is reportedly worth $240 million
- The acquisition will give UMG access to over 60,000 songs
- The deal has been met with mixed reactions
- It is unclear what the long-term impact of this deal will be
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