Primary Wave Music has acquired again.
After acquiring stakes in the catalogs of Gerry Goffin, for a reported $20 million, Bing Crosby, in a reported $50 million+ deal, and Luther Vandross for $40 million, the firm has swooped for a stake in the music publishing catalog of singer, songwriter, and musician Mike Scott of the Waterboys.
Terms of the deal include a share in all publishing rights and income streams, as well as master rights and income streams owned by Scott.
Included in the deal are Fisherman’s Blues, This Is the Sea and Whole of the Moon, the band’s most commercially successful single.
In 1991, the song received an Ivor Novello Award for Best Song Musically and Lyrically, and has been covered by artists including Fiona Apple, The Killers and Prince.
Primary Wave Music says it will maintain an ongoing partnership with Scott to manage all assets owned by the musician.
In addition, says Primary Wave, it will work with Scott to secure marketing opportunities regarding his name and likeness.
Primary Wave says that Scott will have access to its marketing team and publishing infrastructure which includes branding, digital, licensing and synch opportunities.
“I look forward to seeing what creative mischief and adventure we can get up to together.”
Mike Scott
Mike Scott, said: “I’m thrilled to partner with a great company like Primary Wave.
“They are an ally and a resource The Waterboys has long sought after.
“I like their energy; their style and I’m honoured to be part of the fabulous Primary Wave artists’ community alongside some of my all-time favourite musicians.
“I look forward to seeing what creative mischief and adventure we can get up to together.”
“I cannot wait for Primary Wave to give even more visibility to the underrated genius of Mike Scott.”
Adam Lowenberg, Primary Wave Music
Adam Lowenberg, Chief Marketing Officer at Primary Wave Music, said: “I became a Waterboys fan the second I first heard The Whole of the Moon.
“I cannot wait for Primary Wave to give even more visibility to the underrated genius of Mike Scott.
“To have artists from Fiona Apple and Ellie Goulding to Tom Jones cover his material is a great testament to Mike’s songwriting prowess.”
In June, Primary Wave announced that it had finalized what it calls a “strategic relationship” with funds managed by Oaktree Capital Management.
Oaktree Capital has committed to invest up to $375 million into Primary Wave Music in exchange for a minority interest in the music company.
Primary Wave has raised over $800m in the past four years via two IP funds: a $300m fund in 2016, backed by Black Rock, and a further $500m-plus fund launched last year.
Primary Wave also owns substantial interests in the song catalogs of icons such as Ray Charles, Bob Marley, Whitney Houston, Burt Bacharach, Smokey Robinson and the Four Seasons.Music Business Worldwide
