(Bloomberg) -- Enrique Iglesias, the famed Latin singer known for hits like Bailando and Be With You, has agreed to sell his recorded music catalog to Influence Media Partners.
The agreement includes Iglesias’ entire catalog to date, the principals told Bloomberg News. As part of its partnership with Iglesias, New York-based Influence Media will manage all of the entertainer’s recordings, as well as the rights to his name, image and likeness.
Influence Media, led by music and media industry veterans Lylette Pizarro, Lynn Hazan, Rene McLean and Jon Jashni, has the backing of both Warner Music Group Corp. and Blackrock Inc. It has purchased stakes in several artist catalogs including those of Blake Shelton, Future and Logic.
The value of the deal, which marks the first name image and likeness arrangement for Influence Media, wasn’t disclosed. A person with knowledge of the matter who asked not to be identified said it amounts to nine figures.
“It’s incredibly important for us to deliver for Enrique and Fernando,” Pizarro, the founder and co-managing partner of Influence Media, said in an interview.
The sale is good news for the music industry, where catalog prices have been under pressure recently, in part because rising interest rates have made transactions more costly to finance.
“Lylette got a bargain,” Iglesias’ longtime manager Fernando Giaccardi joked during a joint phone interview. “We could’ve gotten more money if we went to more places but we didn’t because it wasn’t about that. It was about the relationship, how can we help each other and brand the music.”
Iglesias took an active part in the negotiations, Pizarro said.
Iglesias, 48, is on the brink of a new chapter. The artist, who’s been on the road alongside Pitbull and Ricky Martin since October, is gearing up to release a new album.
With a release date aimed for February, the album is set to be the last for Iglesias, Giaccardi told Bloomberg News. The project is titled “Final Vol. 2.”
But like many artists who say they’ve retired, Iglesias could still release new songs and tour legacy albums. That could boost the value of Influence Media’s latest investment, which doesn’t include the rights to the Latin star’s upcoming album.
“What I don’t think will change is his commitment to his fans and how he continues to engage around his legacy,” Pizarro said.
(Updates to include partnership in second paragraph, executive’s comments in fifth.)
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