‘Top’ dollar for ZZ music catalog
ZZ Top has become the latest popular music act to sell its catalog, it was reported Tuesday.
The legendary Texas trio, known for hits “La Grange,” “Legs,” “Cheap Sunglasses” and “Gimme All Your Lovin,’ ” sold its publishing catalog as well as income from recorded music royalties and performance royalties to investment firm KKR and record company BMG for $50 million, The Wall Street Journal reported.
The sale follows a slew of high-profile deals in which legendary rock and pop stars are cashing out.
Earlier this month, Bruce Springsteen sold his iconic song and publishing catalog to Sony Music, reportedly for $500 million.
Bob Dylan sold his 600song catalog to Universal Music Publishing Group for a reported $300 million to $400 million in December 2020.
Around the same time, Fleetwood Mac singer-songwriter Stevie Nicks sold 80 percent of her rights to her own songwriting catalog, including hits “Landslide” and “Edge of Seventeen,” to music publisher Primary Wave for a reported $100 million.
And according to reports last month, Universal Music Group has been in advance talks with Sting to buy his music for $250 million, while Warner Music Group is raising $535 million for David Bowie’s music.
The ZZ Top deal includes 15 albums released over a 50year span, including the commercial breakthrough “Tres Hombres” in 1973, “Degüello,” “El Loco,” “Eliminator,” “Afterburner,” “Recycler” and “Antenna.”
The trio of Billy Gibbons, Dusty Hill and Frank Beard formed ZZ Top in the late ’60s. Known for their distinctive long red beards, the rockers were inducted into the Rock and Roll Hall of Fame in 2004. Hill died in July at age 72 during the band’s North American tour, which was to have run through spring 2022.
The deals are fueled, in part, by low interest rates and streaming, offering more lucrative royalties as customers flock to services such as Spotify and Apple Music.