Concord announced on Friday (Sept. 30) that it has acquired the recording catalogs and publishing rights of Genesis members Phil Collins, Tony Banks and Mike Rutherford, as well as the catalog for the years they were in Genesis and Mike + The Mechanics.
Terms of the deal, which was first reported by the Wall Street Journal on Thursday, were not disclosed a the statement from Concord. Billboard estimates that the package, which includes Genesis hits “That’s All” and the Collins solo hit “In The Air Tonight,” is valued at $335 million to $375 million, depending on Banks, Collins and Rutherford’s share of the catalog and royalty income streams.
The deal means that Concord either owns outright or owns a share in each Genesis album. Former Genesis members Peter Gabriel and Steve Hackett did not participate in the deal, according to the statement. Gabriel and Hackett retain their rights and income from the group’s first six albums.
The relationship between Genesis and Concord dates back several years, as the group used Concord for publishing, the band’s long-time manager Tony Smith said in the statement.
“We leave the future ownership of the catalogue in their capable hands, safe in the knowledge that the heritage will be protected,” said Smith, founder of TSPM and manager of Genesis, Tony Banks, Phil Collins, Mike Rutherford and Mike + The Mechanics.
Genesis, which was inducted into the Rock & Roll Hall of Fame in 2010, held their first U.S. tour dates in 14 years last fall and winter as part of their worldwide The Last Domino? tour.
“The songs of Tony, Phil and Mike have been the soundtrack to many people’s most important life moments,” said Concord president Bob Valentine. “Everyone at Concord feels the weight of the cultural significance of this remarkable collection of works, and we will strive to ensure that current and future generations of music listeners continue to hear and enjoy them.”
Advising Concord on the transaction was Shot Tower Capital, Reed Smith LLP and DLA Piper. The artists were advised by Hit & Run Music Ltd and Sheridans.