BMG has acquired a “substantial stake” in the work of Paul Simon, basically buying his royalty and remuneration rights in relation to the Simon & Garfunkel recordings.
The music rights firm says it has purchased Simon’s “royalty income in Simon & Garfunkel recordings as well as his neighbouring rights income”. The latter refers to the performer’s share of income that stems from the broadcast or public performance of Simon’s recordings, which usually flows in through the collective licensing system.
Confirming the deal, BMG’s President Of Repertoire & Marketing in LA and New York, Thomas Scherer, says: “In any list of the true greats, Paul Simon stands as one of the pillars of popular music history. We will play our part to ensure his music continues to be honoured and respected”.
BMG CEO-designate Thomas Coesfeld adds: “We are delighted to have secured the agreement of Paul Simon for BMG to acquire his royalty interests in Simon & Garfunkel recordings and his neighbouring rights income. This is a significant transaction. Our ability to secure this deal demonstrates once again that BMG provides the best home for the greatest artists”.