Neil Sedaka, the iconic singer-songwriter known for hits like "Oh! Carol" and "Breaking Up Is Hard to Do," has sold a stake in his music catalog to Primary Wave Music Publishing. The financial terms of the deal were not disclosed.

According to Music Business Worldwide, this deal includes Sedaka's compositions and recordings, as well as his share of songs he wrote with Howard Greenfield.

Primary Wave Music Publishing, which has amassed a catalog of over 20,000 copyrights, is known for acquiring stakes in music catalogs from various artists, including Smokey Robinson, Quincy Jones, and Tina Turner.

The sale of music catalogs has become increasingly popular in the music industry, with artists and songwriters recognizing the value of their back catalogs. Music rights, which include the rights to recordings and compositions, can generate revenue through synchronization licensing, mechanical licensing, and performance royalties.

Music rights societies, such as ASCAP and BMI, collect and distribute royalties for the use of copyrighted music. According to Billboard, music publishing deals have been on the rise, with a total of $2.2 billion in deals announced in 2021.

Who owns the right to music and how do music rights work can be complex questions, as music rights can be owned and controlled by various entities, including artists, publishers, record labels, and rights societies. For more information on music rights and the music industry, check out the National Music Publishers' Association and the Recording Industry Association of America.