Dr. Dre Selling His Music Catalog & Streaming Ventures
Dr. Dre, the legendary rapper and music producer. It’s been reported he’s nearing a deal to sell his music catalog & streaming ventures for more than $200 million. According to Billboard, Dre’s set to sign on the dotted line to hand over ownership of his music catalog to Shamrock Holdings and Universal Music Group. The rapper’s estimated to be worth $820 million. This deal’s expected to make him an additional $10 million per year.
The package that Dre is selling includes percentages of two of his solo albums. His share of N.W.A. artist royalties, his producer royalties and the writer’s share of his song catalog. However, the package does not include ownership rights to the label Aftermath, which Dre co-owns with Interscope Records. The “Straight Outta Compton” hitmaker reportedly shopped the package via his lawyer, Peter Paterno.
Universal Music Group would acquire “The Chronic” recording, which will subsequently transfer ownership from Dr. Dre to Death Row Entertainment in August, according to the report. This is not the first time that Dre has sold a portion of his music catalog. In 2014, he sold Beats Electronics, the company he co-founded, to Apple for $3 billion.
The lucrative offer comes after the Grammy winner agreed to pay his ex-wife, Nicole Young, $100 million in a property settlement agreement in December 2021. The agreement stated that Dre would keep their real estate properties and rights to his music and stock options. Including the money earned from his sale of Beats by Dre.
Meanwhile the judge granted Young four vehicles: a Rolls Royce, Cadillac Escalade, motorcycle and Range Rover. She also got her clothing, jewelry, bags and furs, an estimated value of millions. This is not the first time that Dre has sold a portion of his music catalog, as he sold Beats Electronics to Apple for $3 billion in 2014.