Joey Ramone, a late punk rock legend, has joined the ranks for stars whose music catalogs were sold. Primary Wave Publishing is said to have paid around $10 million for rights to songs such as “The Killer” by Joey Ramone. “Hey, Ho, Let’s Go”And “Sheena is a Punk Rocker.”
It’s not clear yet if “I Wanna Be Sedated”It will be used for the promotion of sleeping pills. However, the deal reflects a broad movement in recent decades among classic rockers to an increase in the value their catalogs.
The price tag was far below the $500 million Bruce Springsteen banked from selling his catalog to Sony last year and the $300 million Universal Music paid for Bob Dylan’s catalog in 2020, but may be the first such deal for a punk rocker. Recent years have seen the sale of catalogs by musicians and estates, from The Beach Boys through Michael Jackson.
Primary Wave was said to have struck the deal with Brookfield Asset Management in a new partnership. Brookfield Asset Management is a Canadian mega-investment firm. It is an outgrowth of the Seagram Company’s vast real estate holdings. The Wall Street Journal reported. According to the report, the partnership was formed in spring when both companies started talks about creating a company that could keep music assets forever.
“Increasing demand for content from streaming services and social media make iconic music IP a scarce and irreplaceable asset,”Angelo Rufino is a Brookfield managing partner. He spoke to the Journal with a nod towards licensing for services from TikTok to Peloton. “One of the cheapest forms of entertainment is going to keep finding ways to weave itself into our everyday consciousness and that just means more revenue.”
Primary Wave’s most notable holding is with Whitney Houston’s music, which it took a 50% stake in three years ago. The Journal said the company has quadrupled its income through commercials and other deals like Kygo’s “Higher Love” hit that uses Houston’s 1990 vocals recording.
Joey Ramone was born Jeffrey Ross Hyman and died in 2001 from lymphoma at the age of 49. In 2002, the band was inducted into The Rock and Roll Hall of Fame.
“I’m happy to welcome Primary Wave as partners in my brother’s interests in Ramones,” Joey’s brother and heir Mitchel HymanVariety. “I’m thoroughly convinced of their eagerness to perpetuate his legacy, and their sincerity about doing it in a way that will never compromise his credibility. I, very much, am looking forward to working with them.”
