Music company BMG claimed it secured its single largest artist acquisition ever by purchasing Tina Turner's entire musical catalog for at least $50 million.
The deal includes Turner's name, image, and likeness as well as her publishing and neighboring rights. While BMG declined to disclose the exact value of the deal, music insiders estimate that Turner was paid at least $50 million.
"We all know how iconic Tina's work is," said BMG CEO, Hartwig Masuch. "When you look at the dimensions Tina's career has entered even in the last few years between musicals and documentaries, there's still so much untapped potential with her legacy."
Masuch, who's close with Turner and her husband, reportedly spoke about the music acquisition space for over a year before engaging in serious discussions about three months ago. While BMG will be in charge of Turner's royalties and assets, Warner Music will still serve as her record company. BMG plans to work closely with Turner and Warner on reintroducing her music to streaming audiences.
"This isn't a one-dimensional market anymore," Masuch said. "With Warner and Tina, we want to expand reach and influence new audiences. What's the YouTube strategy, what do we do with TikTok? You have to be far beyond any approach where you're just releasing a best-of album every four years or selling rights for a documentary."
In a statement, Turner talked about the recent deal and said, "Like any artist, the protection of my life's work, my musical inheritance, is something personal. I am confident that with BMG and Warner Music, my work is in professional and reliable hands."
Tina Turner, often regarded as the "Queen of Rock & Roll," rose to fame with ex-husband Ike Turner before becoming one of the best-selling artists as a solo act. Most recently, HBO released a documentary on the singer and the Broadway musical based on her life is returning after an extended hiatus. Later this month, she will be inducted into the Rock & Roll Hall of Fame as a solo artist after being inducted with Ike Turner in 1991.
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