UMG Universal Music Group NV

By Mauro Orru

Neil Diamond sold his entire song catalog to Universal Music Publishing Group, the company said Monday, in a deal that will enable the world's largest music company to release Diamond's future music should he decide to return to the studio.

The agreement for the Grammy and Golden Globe Awards winner's music covers hits such as "Sweet Caroline," "Red Red Wine," and "Cracklin' Rosie," and includes rights to all recordings from his career, 110 unreleased tracks, an unreleased album and unreleased concert videos.

Universal Music Publishing Group, the publishing division of Universal Music Group NV, didn't disclose a price for the deal.

The transaction is the latest in a series of catalog- and music-rights acquisitions for Universal, which recently bought Sting's entire song catalog for roughly $300 million, according to people familiar with the transaction. Universal acquired Bob Dylan's publishing catalog at the end of 2020 for $300 million to $400 million, according to people familiar with the deal.

Diamond has been in business with Universal for nearly a decade. Universal has served as his publishing administrator since 2014. However, their relationship dates back to when Diamond recorded with Universal's MCA Records between 1968 and 1972, a period in which he released hits such as "Holly Holy," and "Song Sung Blue."

The deal brings Diamond's work under one roof, giving Universal Music the opportunity to amplify the songwriter's body of work at a time when revenue from streaming music has grown, thanks to the popularity of services from Spotify Technology SA, Apple Inc. and Amazon.com Inc.

Universal said last year that streaming was still in its early days, with opportunities for further expansion driven by growth in the number of paid subscribers, even in established markets.

"Neil Diamond is by definition, a truly universal songwriter. His immense songbook and recordings encompass some of the most cherished and enduring songs in music history. Through our existing partnership, we are honored to have earned his trust to become the permanent custodians of his monumental musical legacy," said Lucian Grainge, Universal Music's chief executive.

The American singer-songwriter sold more than 130 million albums in the past half century. Diamond's songs have been covered by the likes of Johnny Cash singing "Solitary Man," Frank Sinatra singing "Sweet Caroline," and Barbra Streisand singing "You Don't Bring Me Flowers."

Write to Mauro Orru at mauro.orru@wsj.com; @MauroOrru94

(END) Dow Jones Newswires

February 28, 2022 09:14 ET (14:14 GMT)

Universal Music Group NV (EU:UMG)
Gráfico Histórico do Ativo
De Fev 2025 até Mar 2025

Universal Music Group NV (EU:UMG)
Gráfico Histórico do Ativo
De Mar 2024 até Mar 2025