"Primary Wave Buys Jeff Porcaro's Toto Catalogue for $30M"

In a major music rights acquisition, Primary Wave Music Publishing announced the purchase of drumming legend Jeff Porcaro's catalog for an estimated $30 million. Porcaro, best known for his work with the band Toto, left an indelible mark on the music industry with his distinctive drumming style and collaborations with various artists.

The deal, which includes Porcaro's songwriting and publishing rights, was reported by Music Business Worldwide in late 2020. According to their report, the acquisition marks Primary Wave's largest deal to date, surpassing their previous purchase of Quincy Jones' catalog for $14.5 million.

Porcaro's catalog spans over four decades and includes hits like "Africa," "Rosanna," and "Hold the Line." These songs have been a staple in pop culture, with "Africa" being one of the most streamed tracks of all time on Spotify.

The acquisition of Porcaro's catalog adds to Primary Wave's growing portfolio of music rights. The company, which was founded in 2006, has amassed a collection of over 20,000 copyrights from various artists and songwriters.

Music rights, which include songwriting and publishing royalties, have become a lucrative investment area in the music industry. According to the National Music Publishers' Association, the U.S. music publishing industry generated $1.3 billion in revenue in 2019, up from $1.1 billion in 2018.

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