Neil Diamond, crooner, producer and hitmaker like Sweet Caroline and Red Red Winesold his entire catalogs of publications and master recordings to the Universal Music Group (UMG), assured the record company yesterday.
The acquisition includes previously unreleased tracks and also gives UMG the rights to future compositions recorded by Diamondif the 81-year-old musician chooses to return to the studio. Universal did not disclose the terms of the deal.
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“After nearly a decade in business with UMG, I am grateful for the trust and respect we have built together,” he said. Diamond in a statement, to add that he is “confident” that the team will continue to represent his catalog and future releases “with the same passion and integrity” with which they have always driven his career.
Describing the musician as “a truly universal composer”, the director of UMG, Lucian Grangeassured that the artist’s “immense repertoire and recordings encompass some of the most treasured and enduring songs in music history.”
This sale is the latest in a spate of music rights deals for astronomical sums.
The trend is driven in large part by the anticipated stability of spread growth combined with low interest rates and reliable earnings projections for time-tested successes.
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