Metallica are about to become even more profitable as they embark on a new venture to purchase full artist catalogs and other intellectual property. The band has teamed up with longtime co-manager Cliff Burnstein and plan to team up with Worldwired Music IP Fund, headed by former Morgan Stanley investment banker Paul Donahue. Apparently, the venture will be around $300-$500 million.
Two sources confirmed this information with Variety:
“Metallica and longtime co-manager Cliff Burnstein are among the parties involved in an intellectual-property acquisition venture that is being headed up by former longtime Morgan Stanley investment banker Paul Donahue, two sources close to the situation confirm to Variety.
“The source emphasized that the venture, which is called Worldwired Music IP Fund and will have resources in the $300-$500 million range, is not being led by the group or Burnstein — even though Worldwired is the name of the band’s most recent tour — although they are among the parties involved in it, which sources said also include former Fender president/COO Matt Janopaul and former Sony/ATV co-president Rick Krim. The venture will include song catalogs as part of its portfolio, which one source said is likely to include — but not be limited to — classic rock catalogs.”
Unfortunately, no other details have been revealed and there has been no statement by the band. Back in 1985, Michael Jackson did something similar and bought ATV for $47.5 million which included songs by The Rolling Stones, Elvis, Bruce Springsteen, and 250 Beatles songs.
In the meantime, check out Metallica’s entire 2007 Lisbon set here.