Benzinga | Nov 3, 2021 12:50PM EDT

Bruce Springsteen In Talks To Sell Album, Publishing Catalogs To Sony Music

Bruce Springsteen is in talks with Sony Music (NYSE:SONY) for the sale of his album and publishing catalogs.

What Happened: Springsteen has been with Sony Music's Columbia Records since 1972. According to reporting from Billboard and Variety that cited unidentified sources, negotiations on the album catalog sale is almost completed while the publishing catalog negotiations are still in progress.

Billboard's sources claim the combined album and song catalogs are worth between $330 million and $415 million. Variety's sources stated the talks have been underway for several months.

Related Link: Elon Musk Is Even Wealthier Than Scrooge McDuck, Tony Stark And Jay Gatsby

Why It Matters: Music catalogs are a lucrative revenue source for entertainment companies, which are able to license classic tunes to films, television shows and commercial advertising. For performers who have gained legendary status but are past the state of chart-topping hits, catalog sales represent a financially enriching valedictory to long careers.

Paul Simon sold his catalog to Sony Music in April for an undisclosed sum while Bob Dylan sold his music catalog last December to Universal Music Group, a subsidiary of Vivendi (OTC:VIVHY) for a reported $400 million.

Springsteen has generated 65.5 million album sales in the U.S. over the past half-century, according to the RIAA, while Billboard estimated that his album catalog generated approximately $15 million in revenue last year while his publishing catalog generates roughly $7.5 million per year.

Photo: Courtesy of Netflix.