Primary Wave Buys Stake In Beatles Songwriting Royalties
Primary Wave Music Publishing, a relatively new New York, USA based company, has bought a major stake in the songwriting income of John Lennon from his oldest son Julian.
Financial terms were not disclosed, but Primary Wave reportedly last year paid $50 million for 50% of the publishing catalog of late Nirvana frontman Kurt Cobain. However, the deal with the 44 year-old Julian Lennon does not cover publishing rights. Rather it will give Primary Wave a share of the songwriting royalties generated by John Lennon’s work in the future.
The sale doesn’t signal any shift in control over the way the Beatles’ compositions and recordings can be sold or licensed. The publishing rights to the storied Lennon-McCartney compositions remain in the hands of Sony/ATV Music Publishing, a division of Sony Corp. that is partly owned by pop singer Michael Jackson. EMI Group PLC owns the Beatles recordings.
Primary Wave is acquiring a stake in what is known as the songwriter’s share of royalties from the Beatles songs, a passive revenue stream that remains under the effective control of Sony/ATV.
As part of the Lennon deal, the company has committed to help Julian Lennon market a forthcoming album, due later this year.
