"Columbia Records has had a special relationship with Bob Dylan from the beginning of his career and we are tremendously proud and excited to be continuing to grow and evolve our ongoing 60-year partnership," said Rob Stringer, chairman of Sony Music Group, in a statement."Bob is one of music's greatest icons and an artist of unrivaled genius.
The news of the acquisition comes around two years after Dylan sold his songwriting rights in 2020 to Universal MusicDylan, 80, is one of many older musicians who have sold off rights to their catalogs in recent years. Many in the industry speculate that these sales are part of these artists' estate planning.
Song catalogs are valuable assets, but require extensive management, something that heirs are often unequipped to handle. Additionally, there is a movement in Washington to increase capital gains taxes above their current 20% level.
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