The Round Hill Music Royalty Fund has acquired a bundle of music rights from David Coverdale, the Whitesnake frontman and former lead singer of Deep Purple. Terms of the deal were not disclosed.
According to the announcement, the acquisition includes his music publishing and master recording royalties and from his three-album stint in the mid-1970s with Deep Purple — Burn, Come Taste The Band, and Stormbringer — and from his entire Whitesnake catalog including the band’s multi-platinum 1987 self-titled album. Also, as part of the deal Round Hill apparently has acquired some Whitesnake master recordings that Coverdale owned. In addition, the deal includes a neighboring rights administration agreement for both his Whitesnake’s catalog and his share of the Deep Purple albums he performed on.
“I am thrilled beyond words to joyfully announce that my existing catalog of works, both songs and master recordings, which I have been involved in creating for over 50 years, is now in exceptionally safe hands with the fine people at Round Hill,” Coverdale said in a statement. “I look forward immensely to working together with Josh Gruss and all at Round Hill to ensure the legacy of my existing works for future generations to enjoy.”
Whitesnake hits included in the deal include “Here I Go Again,” “Is This Love,” “Crying In the Rain,” “Still Of the Night,” and “Fool for Your Loving.” The deal also includes “The Last Note of Freedom,” a song he co-wrote with Hans Zimmer and Billy Idol for the film Days Of Thunder.
Acknowledging Coverdale as a true icon and frontman for two of the world’s greatest bands, Round Hill CEO Josh Gruss said in a statement that the singer “has blazed a trail since the early ’70s, and his legacy and influence on the generations of artist that followed him cannot be understated. To have been entrusted with David’s work is a proud day for Round Hill.”
According to the announcement, the catalog has a diversified income streams that is comprised of 39% from music publishing assets, 11% from neighboring rights and 50% from master recording rights, which further break out to 23% streaming; 17% physical; 4% download and 6% synchronization.
While revenue and the acquisition price wasn’t disclosed, Billboard estimates Coverdale’s share of the Whitesnake and Deep Purple publishing at $810,000 annually. Since publishing comprises 39% of the catalog’s annual income stream, that extrapolates out to about $2.1 million in revenue. Consequently, Billboard estimates that the Coverdale package of income streams carried about a $35 million valuation.
Round Hill didn’t immediately respond to a request for comment on the estimate.
The announcement included a message to shareholders saying that the Round Hill Music Royalty Fund couldn’t specifically disclose price on this deal but would make further financial disclosures on acquisitions, apparently collectively, on the completion of investing the proceeds from its $86.5 million in funding it raised through selling C Shares last summer.
In the meantime, Trevor Bowen, the chair of the Round Hill Music Royalty Fund, said in a statement, “The Board is pleased to provide RHM shareholders with access to David Coverdale’s own legendary catalog of hits as the frontman from one of best known rock bands of all time, who helped to define an era of music. We are delighted to be deploying capital into such high-quality acquisitions while continuing to evaluate further attractive opportunities.”
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