As per Variety, Lyric has invested in the Weeknd’s music catalog from inception through 2025.
A spokesperson told the publication that the partnership gives Tesfaye and his team “the freedom to execute their creative vision with the entirety of his rights, both publishing and masters.”
The deal, they say, “sets a new standard for artist equity and control.”
“There is no ABS or securitization deal,” the rep adds, saying that the partnership includes a “first-of-its-kind Royalty Backed Note” that “enhances the artist-friendly theme that underpins this partnership.”
The deal applies only to the Weeknd’s music masters and publishing through 2025, and does not include future releases.
The Weeknd maintains his partnership with XO/Republic/Universal Music Group, with Universal Music Publishing Group continuing to administer his publishing catalog.
Because this is not a conventional catalog purchase, the rep told Variety it’s “impossible to calculate a royalty multiple.”
However, the publication quotes sources and previous reports in Billboard and Bloomberg that state the assets “were going for at least $1 billion based on about $55 million in net label and net publisher share, which implies 18.2 times multiple.”
This would make it one of the biggest single-artist catalog deals in history.
Ross Cameron, Lyric founding/Co-Managing Partner: “I couldn’t be more excited about what Lyric, Abel and team have created together. From our first meeting, it was clear to me that we were sitting around the table with individuals that were going to change the way an artist thinks about his assets, music and legacy. The collaboration resulted in a first-of-its-kind partnership between an artist and Lyric, and we are beyond thrilled about this new venture.”
