Primary Wave Music has acquired Bob Dylan’s share of supergroup The Traveling Wilburys.
Included in the deal, according to a media statement, are Dylan’s master royalties and neighboring rights royalties for both Traveling Wilburys albums, as well as the 2007 box set.
Primary Wave’s acquisition comes less than two years after Universal Music Group spent somewhere close to $400 million on Dylan’s song catalog. It also follows Sony Music Group‘s deal last year to buy his recorded music rights for north of $150 million.
Dylan was one of five members of The Traveling Wilburys, which also included superstar artists George Harrison, Jeff Lynne, Roy Orbison, and Tom Petty.
The band formed in 1988 after gathering to record a track for Harrison’s next single.
In October 1988, the supergroup released Traveling Wilburys Vol. 1.
The album received a Grammy nomination for “Album of the Year” and won for “Best Rock Performance By A Duo or Group.”
Since its release, Vol. 1 has been certified triple platinum by the RIAA. Their second album, Traveling Wilburys Vol. 3, was released in 1990 and was dedicated to Orbison who died two years earlier.
In a media statement issued today (May 11) Primary Wave says that it, “will look to further the legacy of these iconic musicians and these celebrated and legendary albums using their internal infrastructure that includes marketing, digital strategy, licensing, and synch opportunities” .
Today’s news marks the latest acquisition for Primary Wave.
In March, the publishing company acquired all rights of Regent Music Corporation and Jewel Music Publishing Co., Inc., the publishing catalogs founded by music publishing legends Gene Goodman and his late brother, Harry.
In January, Primary Wave bought an “additional” stake in Def Leppard’s music publishing catalog, as well as the band’s master royalty income stream.
Also in January, the company struck new catalog deals for a combined $60 million. Those deals included $20 million on a stake in Paul Rodgers’ music publishing catalog for Free and Bad Company, as well as his master recording income streams for both bands.
The other deal in January saw Primary Wave acquire Gerry Beckley’s and Dewey Bunnell’s rights in the America music catalog, in a deal worth $40 million.
“We’re honored to add this bit of history to our growing music catalog.”
Samantha Rhulen, Primary Wave Music
“To acquire even a small portion of Bob Dylan’s work as part of Traveling Wilburys is exciting to say the least,” said Samantha Rhulen, VP, Business & Legal Affairs at Primary Wave Music.
“We’re honored to add this bit of history to our growing music catalog.”Music Business Worldwide