(hennemusic) ZZ Top have reportedly sold the rights to their music catalog to BMG and KKR for an estimated $50 million. According to Variety, the agreement includes a buyout of the band's publishing catalogue and their income from recorded royalties and performance royalties.
ZZ Top - who released their debut album in 1971 and released 14 more over the course of their 50-year career - have sold more than 50 million albums worldwide.
While BMG and KKR announced in March that they would partner up for music IP, they have largely worked separately in the months since, with BMG acquiring catalogs from Tina Turner and Motley Crue, while KKR's Chord Music acquired a catalog from Kobalt for around $1.1 billion.
Previously, BMG served as co-publisher and administrator of ZZ Top's publishing catalog. "We are proud to continue working with and expand our long-standing relationship with BMG," says ZZ Top manager Carl Stubner of Shelter Music Group. "This new deal ensures ZZ Top's remarkable legacy will endure for generations to come." Read more and stream their classic hit "La Grange" here.