Genesis and Phil Collins sell song rights for $300m as dollar buyers cash in on weak pound
msn.comtumbling pound has encouraged dollar buyers to snap up hit songs with Phil Collins and Genesis the latest big names to cash in on their back catalogue with a $300m (£270m) deal.
Collins, Mike Rutherford and Tony Banks sold the rights to hit songs including “Mama”, “Land of Confusion” and “Invisible Touch” to the US-based Concord Music Group.
The deal, covering publishing copyrights, recorded music income and the original master recordings, also includes Collins’s multi-platinum selling solo career and Rutherford’s Mike + The Mechanics group.
Progressive rock titans Genesis, who retired from live performance after 54 years with Collins’ unable to play drums due to poor health, secured one of the largest deals in an era when music legends are seeking to secure their financial legacy.
