A representative for the Weeknd didn’t respond to requests for comment. A representative for Lyric declined to comment.
The Weeknd, a Canadian-born performer whose name is Abel Makkonen Tesfaye, has more than 110 million monthly listeners on Spotify. The 35-year-old is known for songs such as Starboy and Blinding Lights.
Earlier this year, The Weeknd said he was retiring his stage name, but wasn’t planning to quit making music. He’s used the moniker since he started his career.
Older and deceased artists have accounted for many of the biggest catalog sales in recent years. Last year, Sony Group Corp. acquired a 50% stake in Michael Jackson’s music catalog from the late singer’s estate for at least $600 million.
However, some younger acts like John Legend and Justin Bieber have used their catalogs to raise money for new business ventures and to fund their lifestyles.
In 2023, the 31-year-old Bieber struck a deal to put his music under the ownership of Hipgnosis Song Management, an investment entity backed by Blackstone Inc. Hipgnosis sold $1.47 billion of bonds backed by the royalties from artists including Shakira, Journey, Red Hot Chili Peppers and 50 Cent last year.
The pop star tried to sell a stake in his music rights two years ago, with an initial ask of around $1.3 billion, one of the people said.
A 50% stake in the Weeknd’s music publishing is owned by Chord Music Partners, said the people. Chord is owned by a consortium that includes Universal Music Group NV and Dundee Partners, the investment firm of the Hendel family.
Lyric invests in music royalties and related intellectual-property assets and owns music publishing company Spirit Music Group, which controls catalogs from artists including Tim McGraw, Jason Aldean and Ingrid Michaelson. Lyric closed its second music royalty fund with approximately $800 million in total commitments in 2023.
