Metallica Part of New Investment Fund that Purchases Song Catalogs
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.
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Erica Banas is a news blogger who's been covering the rock/classic rock world since 2014. The coolest event she's ever covered in person was the 2021 Rock & Roll Hall of Fame induction ceremony. (Sir Paul McCartney inducting Foo Fighters? C'mon now!) She's also well-versed in etiquette and extraordinarily nice. #TransRightsAreHumanRights
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