in

Major Wave’s sizzling streak continues, as agency inks $20m catalog take care of Survivor’s Jim Peterik

Major Wave is making it rain.

After elevating a $375 million funding from Oaktree Capital in June, in line with MBW calculations, the acquisitive writer has already spent greater than half of that sum on music rights in lower than six months.

In the present day (December 7), MBW can reveal that Major Wave has struck one more massive deal, this time with Jim Peterik – a band member of Survivor, The Ides of March, and 38 Particular, and the co-writer/producer of Eye Of The Tiger.

Major Wave says that the bundle of rights it’s buying from Peterik features a “majority stake within the royalties from the Grammy winner’s total music publishing catalog, and rights to a lot of its legendary songs”.

MBW sources recommend that the transaction was price roughly $20 million.

Within the six months previous to the Jim Peterik deal, Major Wave introduced purchases together with a 50% stake within the grasp recordings of musician Chris Isaak (a ‘multi-million greenback’ deal), adopted by the acquisition of a stake within the Prince Property in August.

An article from the Wall Road Journal famous that Major Wave was “lined as much as personal about 42%” of the Prince property, which the WSJ added is “valued someplace between $100 million and $300 million”.

A conservative estimate, subsequently, would recommend that Major Wave’s offers with Prince’s inheritors got here to a mixed $40 million-plus.

Major Wave has additionally just lately snapped up stakes within the catalogs of artists resembling TOTO drummer Jeff Porcaro (an estimated $30 million deal),  Gerry Goffin ($20 million), Bing Crosby ($50 million+), and Luther Vandross ($40 million).

And simply final week, Major Wave purchased a stake within the rights of R&B legend Teddy Pendergrass in one more multi-million-dollar transaction.

As MBW readers will know, Major Wave’s acquisition spree is going on in opposition to a backdrop of a supercharged catalog M&A market.

One significantly notable development on this house of late: Monetary giants like Blackstone, Apollo and KKR getting cozier with the music enterprise, and pouring billions of {dollars} into it.

But as one plugged-in music biz jester advised MBW earlier at this time: “Sure, some are on the market elevating massive cash – however Major Wave is on the market spending massive cash.”

May Major Wave’s fast succession of multi-million greenback offers precede one other large spherical of funding following that $375 million elevate in the summertime?


Jim Peterik, whose music profession spans almost 50 years and counting, has 18 prime 10 credit and his his co-writes embody Burning Coronary heart, Excessive On You and I Can’t Maintain Again. Different highlights from his in depth catalog embody 38 Particular’s platinum hits Maintain On Loosely and Caught Up In You, and a Peterik-penned crown jewel, Car, a tune he wrote in 1970 whereas a member of The Ides of March.

Car appeared on the band’s debut album and shot to No.2 on the Billboard Scorching 100. It went on to be an enormous business success for the group.

Additionally notable is Peterik’s multi-platinum Eye of the Tiger. With the assistance of the film Rocky III, which featured Eye of the Tiger as its theme tune, the one spent six weeks at No.1 on the Billboard 100 and would turn out to be Survivor’s defining single.

The tune was nominated for 2 Grammy awards, successful for Finest Rock Efficiency by a Duo or Group in 1982.

Major Wave says that Peterik will even have entry to its advertising and marketing staff and publishing infrastructure, which incorporates digital technique, branding, licensing, synch alternatives, in addition to movie, tv, and theatrical manufacturing.

“I’m thrilled to be with an organization who’s as obsessed with music as I’m. Major Wave’s roster speaks for itself.”

Jim Peterik

“I’m thrilled to be with an organization who’s as obsessed with music as I’m. Major Wave’s roster speaks for itself,” stated Jim Peterik.

“Plainly a lot of my musical heroes really feel the identical method! I’m trying ahead to nice days forward creating new music and discovering new properties for the various songs in my catalog.”

“It was love at first sight and we knew then that it might solely be a matter of time to have Jim be part of the Major Wave household. We’re ecstatic to be working with such a legend.”

Jeff Straughn, Major Wave Music

Jeff Straughn, Chief Model Officer at Major Wave Music added: “We met Jim nearly 4 years in the past the place he invited us again to his residence studio after a beautiful lunch.

“It was love at first sight and we knew then that it might solely be a matter of time to have Jim be part of the Major Wave household. We’re ecstatic to be working with such a legend.”Music Enterprise Worldwide

What do you think?

Written by colin

Comments

Leave a Reply

Your email address will not be published. Required fields are marked *

Loading…

0

New knowledge reveals GSK-Vir drug works towards all Omicron mutations

Sensible crypto coverage may preserve India’s tech dominance on prime By Cointelegraph