Warner Bros. Plans to Sell $500 Million Worth of Film and TV Music Rights
2023-06-23
According to Variety, Warner Bros. Exploration Company is in talks to sell approximately $500 million worth of film and TV music publishing assets, which would account for half of the studio's holdings. Works such as 'Purple Rain' and multiple 'Batman' movies are said to be included in the deal.
Insiders reveal that Warner's music assets are valued at over $1 billion, and nearly half of the works' music rights will be sold in this transaction. Sony is said to be the top competitor to acquire these assets.
Based on the provided catalog by insiders, the music rights for sale may include multiple 'Batman' movies, 'Purple Rain,' 'Mrs. Doubtfire,' 'Sesame Street,' and 'Casablanca.'
Reportedly, prominent attorney Allen Grubman is overseeing the transaction for Warner Bros. Exploration Company's CEO, David Zaslav. The revenue generated from this sale will help the company repay its $49.5 billion debt, considering the thriving music market.
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