Tina Turner successfully closed her deal with BMG as she sold her music rights to the company.
Multiple news outlets confirmed that Turner, one of the most celebrated pop stars, agreed to the selling of her catalogs to the company.
BMG's CEO, Hartwig Masuch, revealed that their latest deal with Turner marked the newest trend in the company as more artists try to sell their copyrights.
"We all know how iconic Tina's work is. When you look at the dimensions Tina's career has entered even in the last few years between musicals and documentaries, there's still so much untapped potential with her legacy," said, as quoted by Rolling Stone.
Masuch and the company refused to disclose the exact amount they cashed out to secure the massive deal. However, they revealed that the finance covered Turner's rights and calls in all her recordings - including her image, likeness, name, neighboring rights, and publishing rights.
The transaction was unquestionably smooth one since Turner and her husband, Erwin Bach, have a close personal relationship with BMG's CEO. In fact, they have usually talked about the music acquisition for years now.
However, the formal talks to acquire Turner's catalog only began three months ago when the singer's team expressed their interest to secure the deal.
What Will Happen to Tina Turner and Her Catalogs?
Although BMG gets all the singer's royalties and assets, Warner Music will still serve as Turner's record company.
But since Masuch's company already made the deal, they will need to work closely with the singer and Warner Music. It's a win-win situation for all the people involved, as Turner made a positive impression as a singer.
For what it's worth, she has five platinum albums under her belt, including the five-platinum recipient "Private Dancer."
With the recent deal, BMG will focus on the digital and social media opportunities that waited so long for the arrival of Turner's catalog. They reportedly plan to reintroduce the hit songs to the younger generation to keep her legacy burning.
"With Warner and Tina, we want to expand reach and influence new audiences. What's the YouTube strategy, what do we do with TikTok? You have to be far beyond any approach where you're just releasing a best-of album every four years or selling rights for a documentary," he went on.