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Courtesy of Concord
The deal is estimated at $350 million for rights including shares in Dancing in the Streets, Moves Like Jagger and more.
Concord has acquired Downtown Music s 145,000-song publishing copyrights, the companies announced Monday (April 26), including shares in Dancing in the Streets, Moves Like Jagger, Green Onions, Halo, Stay With Me and Shallow. Concord also gets the contracts of Downtown Music s existing songwriter roster.
Terms of the acquisitions were not disclosed, but
Billboard estimates the assets being sold carry a $350 million valuation based on an 18–20 times multiple.
Downtown is only selling the portion of its publishing catalog that it has an ownership stake in and not the songs and catalogs where it serves as administrator.