BMG and KKR acquire music interests of rock icons
Global music company BMG and global investment firm KKR have announced that they have acquired the entire music interests of American rock icons ZZ Top. The ZZ Top agreement includes a buyout of the band’s publishing catalogue and their income from recorded royalties and performance royalties. Previously, BMG served as co-publisher and administrator of ZZ Top’s publishing catalog.
“We are proud to continue working with and expand our long-standing relationship with BMG. This new deal ensures ZZ Top’s remarkable legacy will endure for generations to come,” shares ZZ Top manager Carl Stubner of Shelter Music Group.
“This deal is a testament to the success, staying power and continuing musical relevance of ZZ Top, but also to the power of our partnership with KKR,” comments BMG CEO Hartwig Masuch. “This agreement furthers our vision of providing artists and songwriters not just a financial exit, but also a vehicle committed to respecting and treasuring their artistry.”
“We are excited to invest in ZZ Top’s iconic music and we look forward to collaborating with BMG and ZZ Top to further amplify the reach of their catalogue,” adds Jenny Box, Partner at KKR.
The BMG/KKR partnership was announced earlier this year. KKR is investing in the catalogue through its private credit investment funds and vehicles and will own its interest in the music through its recently launched Chord Music Partners platform.
The deal is estimated to be worth $50 million.
The band celebrated its 50th anniversary in 2021 after selling over 50 million albums worldwide. In 2004, the group was inducted into the Rock & Roll Hall of Fame and their recently released documentary, That Little Ol’ Band From Texas, received a nomination for Best Music Film at the 2021 Grammy Awards.
Bassist Dusty Hill passed away in his sleep at home in July. Hill returned to Texas during the band’s newly launched tour at the time to address a hip issue.
