According to a new report, singer Justin Timberlake sold the rights to his music catalog to a fund backed by Blackstone.
SEANA SMITH: All right, well, Justin Timberlake is cashing in on his music. Now the Wall Street Journal reporting that Timberlake sold the rights to his song catalog to a fund backed by Blackstone. Now the deal reportedly worth $100 million. Timberlake is the latest artist to make this kind of deal. Bruce Springsteen, Bob Dylan, Stevie Nicks have all announced similar moves.
Now, in the streaming era, music has become more valuable, and investors are paying as much as-- get this-- 30 times their average annual royalties. Dave, what do you think? I mean, this also-- this speaks to so many different, I guess, changes that are going on within the music industry, some of these very, very well known names. They see that this is the biggest opportunity, the biggest chance for them to really cash in on what they created.
DAVE BRIGGS: Yeah, and it's really interesting the companies getting involved. You mentioned Blackstone. But BlackRock is in. Apollo, who owns us, is in. So these are massive private equity firms getting into the music catalog business. And we're seeing the huge names. And a lot of these numbers are well north of $300, $400 million with music catalogs. My first reaction, honestly, was Justin Timberlake got $100 million? I mean, I love JT, but
Much more than I would have thought.
SEANA SMITH: Really?
DAVE BRIGGS: I mean, other than two or three songs-- I mean, "Mirrors" is awesome, one of my all-time faves. But I just would not anticipate that kind of number.
SEANA SMITH: All right, all right. Well, I don't know. I wasn't that surprised. $100 million? I think JT deserves it.