Percentage of Nirvana publishing rights sold

As reported here previously, Courtney Love has been trying to sell 25% of the publishing rights to the Nirvana catalogue. The sale has now been completed, apparently. According to Rolling Stone, the lucky buyer is Larry Mestel of Primary Wave Music Publishing, former COO/GM of Virgin Records. He reportedly paid more than $50 million for the rights. At this point, there's no word on what this will mean for Nirvana's music in the future.

" 'I took on a strategic partner, Larry Mestel, to help me co-manage the estate because it was overwhelming,' Love explains. 'The affairs of Nirvana are so massive and so huge, and they've all fallen on my lap. I own almost all of [the publishing], . . . and it proved to be too much for me. I needed a partner to take Kurt Cobain's songs and bring them into the future and into the next generation. And this guy's the guy to do it.'

Mestel says his three-month-old company, Primary Wave, is thrilled to have bought into an American musical legacy. 'The appeal to me is that [Kurt was] one of the most important songwriters of his time,' Mestel says. 'Kurt was an incredible songwriter, and Courtney is an exceptionally talented person herself. So I felt the combination of Courtney's creativity and the things I can add can really help in creating more value for these copyrights.' "
You can read the full story here, courtesy of Rolling Stone.

Posted in NFC news section at on 03-31-2006 @ 10:46 AM (GMT).

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