Bruce Springsteen has agreed to terms with Sony for the $500 million purchase of his songwriting catalog, per a Billboard report.

Springsteen has sold his masters to Sony Music and his publishing rights to Sony Music Publishing in a combined deal, according to Billboard sources close to the situation. The Boss has been a longtime artist on Sony’s Columbia Records, signing with the label in 1972 and maintaining that relationship for the entirety of his career. In the 1990s, Columbia Records gave Springsteen the rights to his earlier albums, including 1984’s Born in the U.S.A. and 1980’s The River, which went 15-times and 4-times platinum, respectively.

In totality, his catalog has garnered 65.5 million sales in the U.S. according to the RIAA, with 2.25 million album sales coming since 2018, according to MRC DataBillboard estimates that The Boss’ catalog has raked in over $15 million in revenue in 2020 alone, thanks to the release of Letter To You as well as 2019’s Western Stars, the Western Stars soundtrack, and the Blinded By the Light soundtrack. Billboard also estimates that his master recordings valuation totals around $190 million, while his publishing catalog sits around $225 million.

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Bruce Springsteen is just the latest musician to sell his songwriting catalog and publishing rights. In late 2020, Bob Dylan agreed to terms in a blockbuster deal with Universal Music Publishing Group, selling his rights for between $375 million and $400 million, making it the largest single acquisition to that point, until this landmark Springsteen deal.

Then, in early 2021, Neil Young sold 50% of his worldwide copyright to Hipgnosis Songs Fund Limited, which also purchased the publishing rights of Lindsey Buckingham and producer/record executive Jimmy Iovine‘s worldwide producing royalties. Other artists to sell off songwriting catalogs over the past two years include David CrosbyPaul SimonStevie NicksShakira, and Mick Fleetwood.

[H/T Billboard]