Jonas Brothers’ father, Kevin Jonas Sr., has purchased a partial catalog of the band’s music.
The sale was made public on Tuesday, July 22. Kevin Sr., 60, recounted telling his sons: “I don’t know that anybody can love your music any more than I do or be any more proud of you,” Billboard reported. “I am not asking for less than the purchase price but for consideration of the passion I’ll bring to keeping your legacy thriving.”
Kevin Sr. purchased the assets with capital from a $300 million debt package backed by Corrum Capital, Bardin Hill, Cliffwater and One William Street, per the outlet. The cost of the assets remains undisclosed.
The deal includes the publishing and recording rights to The Album, Happiness Begins, and the band’s upcoming seventh studio album, Greetings From Your Hometown. The sale also included one-off singles “Like It’s Christmas” and “Remember This,” per Rolling Stone.
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Joe Jonas, Paul Kevin Jonas Sr., Denise Miller-Jonas, Nick Jonas, and Kevin Jonas
Kevin Sr., a former musician himself, began managing his sons, Kevin Jr., Nick, and Joe, in the nascent phase of The Jonas Brothers. He co-managed the band alongside Phil McIntyre. His company, Jonas Entertainment Group, also encompasses Jonas Group Publishing, Red Van Records and the talent management arm Jonas Group Entertainment.
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Jonas Brothers left Disney’s Hollywood Records and bought back their master recordings, merchandise and publishing rights in 2012. Ever since, the band of brothers has maintained control over their business and music empire. In a statement, the trio said that selling their rights to the company founded by their dad “feels like coming full circle.”
“We are passionate about songwriting and the creative process, and Leslie DiPiero [Jonas Group Publishing president] has always been a true champion for songwriters and creators,” Jonas Brothers said in a statement, per Billboard. “We look forward to working with her and the team.”
Jonas Brothers are still in possession of their first four albums: It’s About Time, released in 2006, Jonas Brothers, released in 2007, A Little Bit Longer, released in 2008, and Lines, Vines and Trying Times, released in 2009.
Greetings from Your Hometown, out on Aug. 8, is available for pre-order.
Read the original article on People
