American musician Neil Diamond has reached an agreement to sell his entire catalogue, which includes such hits as "Sweet Caroline", to Universal Music Group, the company announced on Monday.
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Diamond thus joins the growing number of authors who are making money from the sale of their repertoire and which has recently included Bob Dylan, Bruce Springsteen or Sting.
In the case of Neil Diamond, details about the amount of the agreement have not been revealed for now, but a priori it should be a transaction of many millions of dollars given the amounts that other musicians have reached.
Sting, who this month also sold his catalog to Universal, received in exchange more than 250 million dollars (about 223 million euros at current exchange rates), according to various media, while Dylan got about 400 million from the same company (about 357 millions of euros).
With the deal announced today, Universal will acquire Diamond's entire historic repertoire of songs, as well as recording rights that include 110 unreleased tracks, a pending album and an entire video archive.
The artist has already worked with the company for years and stressed in a statement that he is sure that Universal will treat its catalog and future publications with "passion" and "integrity".
"Neil Diamond is, by definition, a true universal songwriter. His immense catalog of songs and recordings includes some of the most celebrated and enduring songs in music history," said Lucian Granger, president and CEO of Universal. MusicGroup.
Throughout his extensive career, the 81-year-old artist has composed huge hits like "Sweet Caroline", "Red Red Wine" or "Cracklin' Rosie", with many of them covered by big names in music, from Frank Sinatra to Johnny Cash, through Andrea Bocelli or Barbra Streisand.