Primary Wave Music has acquired a stake in the catalog of Luther Vandross as part of a deal with the iconic R&B star’s estate.<\/p>\n
As part of the partnership, Primary Wave has acquired a stake in Vandross\u2019s publishing, master recording income stream, and name and likeness rights.<\/p>\n
The publisher will also continue a long-term partnership with the estate to manage all assets.<\/p>\n
Citing sources,\u00a0Variety<\/em>\u00a0reports<\/a> that the deal is in the ‘$40 million range’.<\/p>\n Over the course of his three-plus decade career, Vandross sold over 40 million records worldwide.<\/p>\n He released 11 consecutive platinum albums, won eight Grammy Awards, while being nominated an incredible 33 times.<\/p>\n He is the recipient of two American Music Awards and 3 NAACP Awards. In 2010, Luther was named one of NPR\u2019s 50 Greatest Voices and in 2014, he was awarded a star on the Hollywood Walk of Fame.<\/p>\n Songs included in the deal are some of Vandross’s biggest hits such as Never Too Much<\/em>\u00a0the lead single off his album of the same name.<\/p>\n Released in 1981, Never Too Much<\/em> soared to the No.1 spot on both the Billboard Hot R&B\/Hip-Hop Songs chart and went Top 5 on the Billboard Dance Club songs chart.<\/p>\n The song and album earned Vandross his first two Grammy nominations for Best New Artist and Best R&B Vocal Performance.<\/p>\n The partnership also encompasses several other chart toppers from Vandross such as Here and Now<\/em>, his cover of Endless Love<\/em> featuring Mariah Carey, as well as Dance With My Father,<\/em> which Vandross considered his career song.<\/p>\n The song would go on to be certified GOLD and was nominated for five Grammy Awards, winning four including Song of the Year.<\/p>\n Born in 1951, Vandross started his music career when he was just in High School, playing Amateur Night at the Apollo Theatre in Harlem four times.<\/p>\n He would start contributing background vocals on several projects in 1973 and a year later wrote the iconic Everybody Rejoice\/Brand New Day<\/em>\u00a0for the Broadway musical The Wiz and would meet David Bowie, two events that would alter Luther\u2019s career.<\/p>\n Creating the hook for Bowie\u2019s hit Young Americans<\/em> and co-writing Fascination<\/em> from the same album, Vandross would begin touring with Bowie before becoming an in-demand background vocalist for the likes of Bette Midler, Roberta Flack, Diana Ross, Quincy Jones, Stevie Wonder, Judy Collins and more.<\/p>\n In 1981 he released his solo debut the critically acclaimed Never Too Much<\/em>, propelling him into super-stardom, which included producing music for Aretha Franklin, Diana Ross, and Dionne Warwick, in addition to his own records.<\/p>\n “The LV Estate\u2019s goal is to see Luther\u2019s legacy continue to flourish and believe the partnership with Primary Wave is a clear step in that direction.”<\/p>\n Carmen J. Romano, FBBM Entertainment Business Management<\/span><\/p><\/blockquote>\n Carmen J. Romano, of FBBM Entertainment Business Management, said: “We are delighted to join forces with Larry and Primary Wave.<\/p>\n “The LV Estate\u2019s goal is to see Luther\u2019s legacy continue to flourish and believe the partnership with Primary Wave is a clear step in that direction.<\/p>\n \u201cLuther Vandross was a soulful American icon who was the voice of a generation.”<\/p>\n Larry Mestel, Primary Wave Music<\/span><\/p><\/blockquote>\n Larry Mestel, CEO & Founder, Primary Wave Music, added: \u201cLuther Vandross was a soulful American icon who was the voice of a generation.<\/p>\n \u201cWe look forward to working with Carmen and the estate to help expand Luther\u2019s influence.\u201d<\/p>\n Just last week, Primary Wave bought<\/a> a stake in the music publishing catalog of prolific songwriter Gerry Goffin.<\/p>\n That deal came in the same week that the firm bought a stake<\/a> in the assets owned by HLC Properties Ltd, the company owned by the estate of the legendary Bing Crosby, earlier this week in a reported $50 million+ deal, the company has now<\/p>\n Primary Wave\u2019s latest deals follow a substantial\u00a0stake acquired<\/a>\u00a0in the Prince estate back in August.<\/p>\n In June, Primary Wave announced that it had finalized what it calls a \u201cstrategic relationship\u201d with funds managed by Oaktree Capital Management.<\/p>\n Oaktree Capital has committed to\u00a0invest up to $375 million<\/a>\u00a0into Primary Wave Music in exchange for a minority interest in the music company.<\/p>\n Primary Wave has\u00a0raised over $800m<\/a>\u00a0in the past four years via two IP funds: a $300m fund in 2016, backed by Black Rock, and a further $500m-plus fund launched last year.<\/p>\n Primary Wave also owns substantial interests in the song catalogs of icons such as\u00a0Ray Charles<\/a>,\u00a0Bob Marley<\/a>,\u00a0Whitney Houston<\/a>, Burt Bacharach, Smokey Robinson and the\u00a0Four Seasons<\/a>.<\/p>\n
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