Genesis Latest Band Cashing in on Their Catalog
Phil Collins and Genesis have plenty of extra cash in their coffers, as the group has closed a $300 million deal selling their catalog to Concord Records, Variety reports.
Collins, Tony Banks and Mike Rutherford have agreed to sell their publishing copyrights and “a mix of recorded music-income streams” to the label. The deal includes the solo material of all three artists, including Collins’ multiplatinum solo albums including “No Jacket Required” and Rutherford’s band Mike & the Mechanics. The catalogs of Peter Gabriel and other former members of Genesis were not included in the deal.
The deal is the latest in a line of veteran musicians selling their catalogs for big bank. Bob Dylan sold his song catalog to Universal Music for a figure sources say was nearly $400 million; Bruce Springsteen sold his publishing and recorded-music rights to Sony for a reported sum of around $600 million; and artists from Stevie Nicks to Neil Young have sold varieties of music assets for around $100 million. The members of Pink Floyd are said to be seeking $400 million.