Dr. Dre is looking to be the next in a line of artists to sell their music catalog for millions.
According to Billboard, the multi-platinum producer and music mogul is looking to sell a portion of his extensive music catalog for $200 million. The report says the catalog will be sold between two deals, one with Shamrock Holdings and another with Universal Music Group. The $200 million portion of Dre’s catalog is said to bring in $1 million annually.
Universal Music Group is also looking to buy royalties from Dre’s solo projects, his share of N.W.A artist royalties, producer royalties, and the writer’s share of songs where he does not own publishing. This may include The Chronic, which Sony Music published.
Shamrock Holdings portion of the deal comprises 75 to 90 percent of the package’s revenue, while UMG’s is about 10 to 25 percent. The agreement with UMG might also include handing over the masters to The Chronic, which Dre is set to receive back to him at the end of August from Death Row Records. However, sources say that Snoop Dogg has tried to convince Dre to keep The Chronic on Death Row.
Dre’s longtime attorney Peter Paterno facilitated the deal, and according to the report, the sellers were initially looking at selling the catalog portion for $250 million. Despite not getting their asking price, they still got tens of millions above the $200 million that was reported.