Benzinga | Dec 16, 2021 05:49AM EST

Sony Scoops Bruce Springsteen's Catalog For $500M: Report

* Sony Group Corp (NYSE:SONY) acquired Bruce Springsteen's master recordings and music publishing rights in a deal worth $500 million, Billboard reports.

* Bruce Springsteen sold his masters and music publishing to Sony Music and Sony Music Publishing.

* The floor price for the combined assets was $350 million.

* The New Jersey musician's catalog includes more than 300 songs, 20 studio albums, and other items.

* It also includes early recordings to which Springsteen acquired the rights in the 1980s after releasing his highly successful "Born in the USA" album.

* Price Action: SONY shares closed higher by 2.69% at $123.85 on Wednesday.