Music publisher Primary Wave acquired a majority stake in Stevie Nicks' songwriting catalog, the company said in a news release Friday.
The Wall Street Journal reported that Nicks sold 80% of her songwriting catalog in a deal valued around $100 million, according to sources familiar with the deal.
Nicks' song "Dreams" reentered Billboard charts after a viral TikTok trend, 43 years after the song's release as a single.
Stevie Nicks sold the majority stake in her song catalog to music publisher Primary Wave last month, the company said in a news release on Friday.
In the deal, Primary Wave acquired an 80% stake in Nicks' copyrights, which was valued at about $100 million, The Wall Street Journal reported, citing people close to the transaction.
This year, the 1977 song "Dreams" by Fleetwood Mac, written by Nicks, was back in the Billboard charts for the first time in over 40 years. It peaked at No. 21 in October and had its best week of streams and downloads ever. The newfound popularity was spurred by a viral September TikTok of creator Nathan Apodaca on a longboard, drinking cranberry juice and lip-syncing to the song.
The video was recreated by Mick Fleetwood, Dr. Phil, and the CEO of Ocean Spray.
Primary Wave in the deal acquired a stake in copyrights of some of Nicks' most popular solo songs and tracks with Fleetwood Mac, including "Edge of Seventeen" and "Landslide," along with "Dreams," the company said in the release. The deal also includes rights to her name and likeness, which will be used to sign new artists.
"To say we're excited to welcome the incredible Stevie Nicks to the Primary Wave family would be a dramatic understatement," Primary Wave CEO and Founder Larry Mestel said in the release. "If Primary Wave were starting our company today, Stevie Nicks would be one of the shining pillars, a true legend among legends."
He added: "She is a groundbreaking artist, and the longevity of her iconic career comes from writing songs, instantly recognizable and critically acclaimed, that stand the test of time."
The music publisher has previously acquired songs from other older artists like Ray Charles and
Songwriter catalogs have become more valuable as revenue from streaming has grown over the past few years, and catalogs have started selling for up to 18 times their annual royalties, according to WSJ, as prices have increased throughout the pandemic because they are perceived as a relatively safe bet.
"Stevie's music, while exceptionally well known, is still very undercommericalized and undermarketed," Mestel told WSJ. "There's enormous upside potential for her songs to be reinvigorated and introduced to youth culture."
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