The latest recording artist to make a bundle on their publishing rights and/or master recordings is Katy Perry, who has sold off her rights to both for a reported sum of $225 million. While some artists have opted for separate deals for publishing rights and master recordings, Perry has sold both in a package deal to Litmus Music, which announced the acquisition in a press statement.
Here's Litmus co-founder Dan McCarroll, who was once the president of Capitol Records where Perry recorded five out of six of her studio albums so far (her debut record doesn't seem to be included in this deal). Here's McCarroll quoted in the press release:
"Katy Perry is a creative visionary who has made a major impact across music, TV, film, and philanthropy. I'm so honored to be partnering with her again and to help Litmus manage her incredible repertoire."
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Hank Forsyth, another Litmus co-founder, also delivered some remarks on the company's entry into the Katy Perry business:
"Katy's songs are an essential part of the global cultural fabric. We are so grateful to be working together again with such a trusted partner whose integrity shines in everything that she does."
The list of superstar recording artists to cash in on their back catalogs is growing all the time, and Perry joins such older artists as Bob Dylan, Bruce Springsteen, Stevie Nicks, and Paul Simon, as well as younger performers like Justin Bieber and Shakira, in getting a big payday while the money is still good.
Perry herself has not commented publicly on the sale, but it does come as she and fiancé Orlando Bloom are embroiled in a legal battle with a man who claims he sold his home to the couple under misleading circumstances while he was under the influence of mind-altering medications. The case is reportedly heading to court soon.
