Bob Dylan is selling more than 600 of his songs to Universal Music Publishing Group for an estimated $500 million.
The Nobel Prize-winning songwriter has reportedly agreed to sell the publishing rights to his catalog to the company for an undisclosed sum.
The catalog includes all Dylan's songs throughout his more than 50-year career. These include standards like "Tangled Up in Blue" and "Like a Rolling Stone." Dylan's catalog is comparable with The Beatles in terms of breadth and cultural influence.
While Dylan and Universal didn't disclose the price, industry experts estimate Dylan might have pocketed between $300 million and $500 million.
Universal can now lease Dylan's music to advertisers, video games, movies and other buyers. The deal gives Universal all rights to the property in perpetuity.
Rolling Stone editor Anthony DeCurtis said Dylan's catalog was "literally priceless" and his decision to sell doesn't diminish its significance in the industry and culture.
Dylan's management said the deal doesn't mean that the songwriter will stop making music. It said Dylan was simply taking advantage of a "favorable business climate."
At 79, Dylan continues to perform and is writing new songs. He released "Rough and Rowdy Ways" this year and it was well received critically.
Dylan topped Rolling Stone's list of 100 Greatest Songwriters of All Time and won a Nobel Prize for literature.
His songs have been played, remixed, covered and rerecorded more than 6,000 times by artists. He transcended genres and cultures.
Jimi Hendrix reworked "All Along the Watchtower" and Adele covered "Make You Feel My Love."
