Who Guitarist Pete Townshend Sells Song Catalog to Spirit

Black Diamond

Who Guitarist Pete Townshend Sells Song Catalog to Spirit Music
2012-01-26 07:11:35.991 GMT


By Andy Fixmer
Jan. 26 (Bloomberg) -- Pete Townshend, guitarist for the rock band The Who, sold his interest in a song catalog including “Won’t Get Fooled Again” and “Baba O’Riley” to Spirit Music Group.
Townshend, 66, also signed a multiyear consulting agreement to promote the work, which spans five decades, New York-based Spirit Music said in a statement Jan. 24. Financial terms weren’t provided.
The sale includes a long-term music publishing agreement for Townshend’s future work, including potential solo albums, releases with The Who and compositions from “Floss,” the artist’s musical dramatic project, Spirit Music said. Townshend said in the statement that money from the sale will allow him to restart his creative career.
“Most songwriters don’t get this kind of opportunity, a chance of creative renaissance,” Townshend said in the statement. “I am passionately committed to new projects for rock and for music theater and I can’t imagine a better company with which to be building a new creative life for myself.”
Townshend and The Who, named to the Rock and Roll Hall of Fame in 1990, performed hits including “Pinball Wizard,” “My Generation,” and “Who Are You,” after forming in 1964. The band reunited earlier this month to play at the charity Concert for Killing Cancer, an event they organized at London’s HMV Hammersmith Apollo.
Spirit Music, acquired by Pegasus Capital Advisors LP in April 2009, owns and manages a roster of 40,000 songs by artists including Frank Sinatra and Elvis Presley.
Townshend will also work with Spirit to help license his songs in film, television, advertising and new media projects, as well as reach agreements with consumer products companies, according to the statement. They will also work together to develop musical stage shows and multimedia installations.

helplessdancer

cool. good for pete. thanks for posting this!

and
ummm

pete....please please please tour quad this year. 1996 was a long time ago and there's a new generation of kids that need it delivered to them, as well as me(again)

SatansFuton

I have no problem with Pete, or any artist, getting paid for their work. Especially in this day and age where more people probably illegally download music than pay for it. This seems like a good deal for him, especially at this stage in his life. But I found the line about how he did it because the money would help him "restart his creative career" kind of comical. It's like he's trying to defend himself against those that would (and probably will in all likelihood) say he "sold out". He was worth an estimated $70 million before he signed this deal, so it isn't like he had to get his guitars and other equipment out of the pawn shop, or that more money is going to spark some creativity. I say "get your money", but the excuses aren't necessary.

randallanddarcy

This is just a publishing deal. Sounds like Sprint have moved into the music publishing business. It's no biggie, and it's not like selling a song to Cadillac.

Who Princess

SatansFuton wrote:

I have no problem with Pete, or any artist, getting paid for their work. Especially in this day and age where more people probably illegally download music than pay for it. This seems like a good deal for him, especially at this stage in his life. But I found the line about how he did it because the money would help him "restart his creative career" kind of comical. It's like he's trying to defend himself against those that would (and probably will in all likelihood) say he "sold out". He was worth an estimated $70 million before he signed this deal, so it isn't like he had to get his guitars and other equipment out of the pawn shop, or that more money is going to spark some creativity. I say "get your money", but the excuses aren't necessary.

Was his net worth really $70 million? I thought his ex-wife Karen got half that much from their divorce in 2009. Compared to most of us Pete's still pretty wealthy but I don't begrudge him making money off his compositions. He took a lot of heat from fans when he first started letting his songs be used in commercials and there are still a few people bothered by it. But they're his songs and I agree, he hardly needs to justify it. OTOH Pete rarely misses an opportunity to make a statement.

SatansFuton

Who Princess wrote:

SatansFuton wrote:

I have no problem with Pete, or any artist, getting paid for their work. Especially in this day and age where more people probably illegally download music than pay for it. This seems like a good deal for him, especially at this stage in his life. But I found the line about how he did it because the money would help him "restart his creative career" kind of comical. It's like he's trying to defend himself against those that would (and probably will in all likelihood) say he "sold out". He was worth an estimated $70 million before he signed this deal, so it isn't like he had to get his guitars and other equipment out of the pawn shop, or that more money is going to spark some creativity. I say "get your money", but the excuses aren't necessary.

Was his net worth really $70 million? I thought his ex-wife Karen got half that much from their divorce in 2009. Compared to most of us Pete's still pretty wealthy but I don't begrudge him making money off his compositions. He took a lot of heat from fans when he first started letting his songs be used in commercials and there are still a few people bothered by it. But they're his songs and I agree, he hardly needs to justify it. OTOH Pete rarely misses an opportunity to make a statement.

Yeah, $70 million, even after the divorce. He was on England's list of 50 wealthiest musicians in 2011. From what I read he was worth roughly the same amount in 2009, and in the divorce settlement paid out $28 million, so maybe he's made it back, invested well, or whatever.

Like I said, I don't care that he's rich, or getting richer. The guy did the work and deserves his paycheck. I just found the justification that he was doing it so that he could restart his creative kind of silly. Just be honest and say "I just got paid".