Metallica has long been expanding its business portfolio with a variety of ventures, but this new move could be the most lucrative of them all.
Per Variety, the band is one of multiple parties attached to Worldwired Music IP Fund, an “intellectual-property acquisition venture” with a focus on purchasing various music catalogs, particularly classic rock catalogs. The fund is also interested in other intellectual property, but exact examples were not divulged.
The fund will reportedly “have resources in the $300-$500 million range” and will be headed by Paul Donahue, a former investment banker from Morgan Stanley. Metallica’s co-manager Cliff Burnstein is also one of the parties involved with the fund.