After swooping for a stake in the assets owned by HLC Properties Ltd, the company owned by the estate of the legendary Bing Crosby, earlier this week in a reported $50 million+ deal, the company has now bought a stake in the music publishing catalog of prolific songwriter Gerry Goffin.
Citing sources, Varietyreports that Primary Wave has bought a ‘sizeable’ stake for $20 million.
This deal includes a number of songs Goffin co-wrote with Carole King such as the No.1 hit Take Good Care of My Baby,The Loco-Motion, and Will You Still Love Me Tomorrow which was famously recorded by the Shirelles in 1961.
The deal also encompasses several songs Goffin wrote with other songwriters such as Russ Titelman, Barry Goldberg, and Michael Masser which include the Oscar nominated Theme From Mahogany (Do You Know Where You’re Going To) and the Golden Globe nominated So Sad the Song.
Goffin continued to write hits throughout the 1980’s and 1990’s, penning such classics as Peabo Bryson & Roberta Flack’s platinum selling Tonight, I Celebrate My Love For You and Whitney Houston’s Saving All My Love For You.
Saving All My Love For You would go on to become a global success for Houston, was her first No.1 single to top the Billboard Hot 100 and earned her a Grammy for Best Female Pop Vocal Performance in 1985.
Throughout his four-plus decade career, Gerry Goffin wrote 114 Billboard Hot 100 hits, eight of which went to No.1. He was inducted into the Rock and Roll Hall of Fame in 1990.
“Having managed Gerry Goffin’s catalogue for over twenty years, it is my pleasure and honor to be working with the incredible team at Primary Wave to continue to represent this iconic songwriter and his legendary song catalog.”
Christine Russell, Evolution Music Partners
“Not only did Gerry Goffin personally impact my life, he has universally impacted the world through his extraordinary songs,” said Christine Russell, Founding Partner at Evolution Music Partners.
“Having managed Gerry Goffin’s catalogue for over twenty years, it is my pleasure and honor to be working with the incredible team at Primary Wave to continue to represent this iconic songwriter and his legendary song catalog.”
“The songs Gerry Goffin penned over the course of his incredible career are proven to be ageless and have stood the test of time.”
Larry Mestel, CEO & Founder of Primary Wave Music, added: “The songs Gerry Goffin penned over the course of his incredible career are proven to be ageless and have stood the test of time.
“We are thrilled to have these iconic songs, some of which are among the greatest of all time, on our roster. We are honored to welcome him to the family of Primary Wave Music artists.”
Primary Wave’s latest deals follow a substantial stake acquired in the Prince estate back in August.
In June, Primary Wave announced that it had finalized what it calls a “strategic relationship” with funds managed by Oaktree Capital Management.
Oaktree Capital has committed to invest up to $375 million into Primary Wave Music in exchange for a minority interest in the music company.
Primary Wave has raised over $800m in the past four years via two IP funds: a $300m fund in 2016, backed by Black Rock, and a further $500m-plus fund launched last year.
The company bought a $80 million majority stake in the publishing catalog of Fleetwood Mac member Stevie Nicks in December 2020.Music Business Worldwide
The best of MBW, plus the most important music biz stories on the web. Delivered for FREE, direct to your inbox each day.
