Metallica join investment fund to buy other artists’ song catalogs
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nme.comMetallica have signed up to an investment fund to purchase acts’ music.The metal legends have teamed up with former Morgan Stanley investment banker Paul Donahue and others for the Worldwired IP Fund; an acquisition venture that will look to buy other intellectual property forms besides just music.The Worldwired IP Fund, which cribs its name from Metallica’s recent world tours, starts with assets between $300-$500 million (£237.9m -£396.5m), according to Variety.
The idea is to purchase song catalogs and drive up their values.Donahue is an advisory board member of Metallica’s charitable All Within My Hands Foundation.
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