Peermusic has agreed to acquire a majority stake in David Foster's song catalog. Terms of the deal were not disclosed.
The deal encompasses all of the songwriter's publishing vehicles, Foster Frees Music, Air Bear Music and One Four Three Music, and a catalog of more than 500 songs, including "I Have Nothing," "St. Elmo's Fire," "Hard To Say I'm Sorry," "Glory Of Love," "The Power Of The Dream," "My Grown Up Christmas List" and "Color Of My Love." With the exception of Foster Frees Music, peermusic has been administering Foster's publishing for more than 15 years. The agreement also includes exclusive publishing representation for Foster's future works.
Foster, who was inducted into the Songwriters Hall of Fame in June of last year, has worked with are Earth Wind & Fire, Chicago, Celine Dion, Madonna, Andrea Bocelli, Josh Groban, Michael Bublé and Barbra Streisand, among many others.
In negotiating the acquisition, David Foster was advised by Howard Grossman (co-founding partner of WG&S) and Alan Grubman, Arthur Indursky, Stu Prager and Eric Sacks of Grubman, Indursky & Shire. Peermusic was advised by senior VP of legal and business affairs Peter Jaegerman and Barry Slotnick and Miriam Cohen of Loeb & Loeb.