Good times never seemed so good, particularly for Neil Diamond’s bank balance, after his music was acquired by Universal Music Group.
The Sweet Caroline singer, whose songs also include “Forever in Blue Jeans” and “I’m a Believer”, sold his music for an undisclosed fee, following a publishing arrangement signed with Universal in 2014.
The deal will give Universal the rights to Diamond’s 32 studio albums, as well as over 100 previously unreleased tracks and archival long form videos.
"Over his meteoric career, Neil Diamond created one of the greatest recording catalogues in pop music history,” president and CEO of Universal Bruce Resnikoff and chair and CEO of Capitol Music Group Michelle Jubelirer said.
“To be able to represent it in its entirety is both an honor and a thrill, and the entire Universal Music team looks forward to upholding his iconic legacy."
Based on previous deals, Diamond’s payday is likely to be in excess of nine figures, and accelerates a multi-billion dollar arms race between the music industry’s top companies to sweep up the rights to the catalogues of legendary artists.
Earlier this month, Sting sold the rights of his music to Universal in a US$300mln, while the company also acquired the publishing rights to Bob Dylan’s music for a similar amount last year.
Meanwhile, Universal’s rivals Sony Group Corp (NYSE:SONY) swept up Bruce Springsteen’s catalogue for more than US$500mln, as well as the recording rights to Dylan’s music for an undisclosed sum in January.
Keen not to be left behind, Hipgnosis Songs Fund Limited (LSE:SONG) bought the rights to the music of the Red Hot Chili Peppers for $US140mln, as well as a 50% stake in the right of Diamond’s namesake Young.
Universal’s share price was up 4.01% to €19.94 by 15:04 GMT against close on Friday on the back of the announcement.