Bruce Springsteen performs at a sound check at the Perth Arena in Perth, Australia.
Will Russell | Getty Images
The transaction, which has been rumored in the entertainment industry for a while now, includes Springsteen’s recorded music catalog as well as his body of work as a songwriter, the report said. Its value may exceed $500 million, said Billboard, citing people familiar with the terms.
It will give Sony full ownership of Springsteen’s complete collection of hit songs including “Born to Run” and “Born in the U.S.A.,” according to Billboard.
A public announcement has yet to be made. Representatives for Springsteen and Sony didn’t immediately respond to CNBC’s requests for comment.
Springsteen has been with Columbia Records, a unit of Sony Music, for his entire career.
In recent years, investors and music companies have poured dollars into buying up song catalogs amid the rise in streaming services. Stars including Bob Dylan and Shakira have sold all or parts of their work, fetching hundreds of millions of dollars. Warner Music bought worldwide rights to David Bowie’s catalog in September.
Read the full story from Billboard here.