KKR and global music company BMG have acquired the entire music interest in rock group ZZ Top.
The transaction marks the latest significant music rights deal the two companies have struck together since announcing in March 2021 that they would work together in the fast-growing market for music rights.
The deal with the Southern rock trio includes the buyout of the band’s publishing catalog and their income from recorded royalties and performance royalties. Previously, BMG was the co-publisher and administrator of ZZ Top’s publishing catalog.
ZZ Top manager Carl Stubner of Shelter Music Group said, “We are proud to continue working with and expand our long-standing relationship with BMG. This new deal ensures ZZ Top’s remarkable legacy will endure for generations to come.”
“We are excited to invest in ZZ Top’s iconic music and we look forward to collaborating with BMG and ZZ Top to further amplify the reach of their catalog,” said Jenny Box, partner at KKR.
KKR is investing in the catalog through its private credit investment funds and vehicles and will own its interest in the music through its recently launched Chord Music Partners platform. The deal follows KKR buying the music rights portfolio of KMR Music Royalties II in October.
ZZ Top has sold over 50 million albums worldwide, and the group’s top hits, including “Cheap Sunglasses,” “Gimme All Your Lovin’,” “Legs” and “Sharp Dressed Man” are staples on classic rock stations across the U.S.
In 2004, the group was inducted into the Rock & Roll Hall of Fame and their recently released documentary That Little Ol’ Band From Texas received a nomination for Best Music Film at the 2021 Grammy Awards.