The Weeknd has entered into a catalog deal with Lyric Capital Group reportedly worth $1 billion.
According to Weeknd's representatives, Lyric has invested in the artist's music catalog from inception through 2025. As per the deal, The Weeknd, whose real name is Abel Tesfaye, and his team will maintain creative control over the catalog and remaining shareholders and owners in the company.
The venture applies only toward the Weeknd's music masters and publishing through 2025 and does not include any future releases.
Meanwhile, The Weeknd continues his partnership with XO/Republic/Universal Music Group, with his publishing catalog continues to be administered by Universal Music Publishing Group.
Variety sources and reports in Billboard and Bloomberg had earlier this year stated that the assets were going for at least $1 billion based on about $55 million in net label and net publisher share, which implies an 18.2 times multiple.
"From the beginning of the meeting, it was clear to all at Lyric that Abel would not sell his catalog. He wanted to be more innovative and creative in the way we established a partnership," the reps noted. "To that end, through this venture, we constructed and launched a new business model with Abel and his iconic catalog whereby Abel and his team have the freedom to execute their creative vision with the entirety of his rights, both publishing and masters. This unique catalog deal sets a new standard for artist equity and control."
"I couldn't be more excited about what Lyric, Abel and team have created together," said Ross Cameron, Lyric founding / co-managing partner. "From our first meeting, it was clear to me that we were sitting around the table with individuals that were going to change the way an artist thinks about his assets, music and legacy. T he collaboration resulted in a first-of-its-kind partnership between an artist and Lyric, and we are beyond thrilled about this new venture."
"I want to thank Abel and his team for putting their trust in Lyric," says Rich Garzia, Lyric co-managing partner.
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