Scots singer KT Tunstall sells 50% of back catalogue rights to Primary Wave
In addition to half of the publishing rights, the deal with Primary Wave also includes a 50 per cent share of royalties generated by the Mercury-prize nominated star's recordings.
Tunstall, whose hits include Other Side of the World, Black Horse and the Cherry Tree and Suddenly I See, has released six full-length studio albums and four live albums.
Primary Wave CEO Larry Mestel said: “I have been a fan of KT from the moment I saw her first showcase at Virgin Records in 2005.
“KT is a rare songwriting talent who writes songs that move you with a story. We are honoured to have her in the family.”
Tunstall added: “First and foremost, I consider myself a songwriter. It is absolutely re-energising in today’s challenging music landscape to connect creatively with Primary Wave and to discover our mutual joy for the craft of songwriting, and still hold it in greatest of respect.”
The 45-year-old Scot is the latest in a line of artists to sell off stakes in their song catalogues in recent weeks.
Last week, Neil Young sold a 50 per cent share of his back catalogue to music investment fund Hipgnosis Songs.
The deal covers the writing and publishing rights to 1,180 songs composed by the Canadian singer-songwriter, ranging from his 60s groups such as Buffalo Springfield to his 50-year solo career including 1972 hit album Harvest.
Hipgnosis Songs also bought the publishing rights to former Fleetwood Mac lead guitarist Lindsey Buckingham’s 161 songs, and a 50% share in all songs he has not yet released.
It also acquired the worldwide producer royalties from 259 songs by Jimmy Iovine, who has produced for artists including U2 and Bruce Springsteen and founded the Beats Electronics audio gear business with Dr Dre.
Earlier this week, Colombian pop sensation Shakira sold off 100 per cent of the publishing rights in her 145 song catalogue.
She said: “Being a songwriter is an accomplishment that I consider equal to and perhaps even greater than being a singer and an artist.
“I know Hipgnosis will be a great home for my catalogue.”