Two of the most iconic female rock stars of all time, Pat Benatar and Christine McVie, have sold their music catalogs to HarbourView Equity Partners, a private equity firm that specializes in music rights.
The deals, which were announced on Thursday, include an unspecified stake in Benatar's hits such as “Hit Me With Your Best Shot,” “We Belong,” “Love is a Battlefield” and “Heartbreaker,” as well as McVie's songs from both her Fleetwood Mac and solo careers, such as "Over My Head," “Songbird,” “Say You Love Me,” "Don't Stop" and "You Make Loving Fun."
Benatar, who has won four Grammy Awards and sold more than 30 million albums worldwide, said in a statement that she was "thrilled" to partner with HarbourView and that she trusted them to "protect and nurture" her legacy.
McVie, who died last November at the age of 79 from an ischemic stroke and cancer, was one of the main songwriters and vocalists of Fleetwood Mac, one of the best-selling bands of all time. She also had a successful solo career, collaborating with artists such as Eric Clapton, Elton John and Lindsey Buckingham.
McVie's estate said that the deal with HarbourView was a "fitting tribute" to her "incredible talent and contribution to music history." HarbourView's CEO, David Smith, said that he was "honored" to acquire the catalogs of Benatar and McVie, whom he called "two of the most influential and respected women in rock music."
He added that HarbourView would "ensure that their songs continue to reach new generations of fans and create new opportunities for their music across all platforms." The terms of the deals were not disclosed, but they are part of a growing trend of artists selling their music rights to investors who see them as valuable assets in the streaming era.
HarbourView has previously acquired the catalogs of artists such as Bob Dylan, Neil Young, Stevie Nicks, Lindsey Buckingham and Mick Fleetwood, making it one of the largest owners of music rights in the world.
[Source: Classic Hits Today]