The Weeknd has closed a major catalog partnership with Lyric Capital Group in a deal said to be worth around $1 billion, according to sources. Representatives for the artist confirmed the agreement to Variety.
The deal creates a joint business venture between The Weeknd, whose real name is Abel Tesfaye, and Lyric Capital. Lyric has invested in his music catalog from the start of his career through 2025. The Weeknd and his team will keep creative control and remain owners and shareholders in the venture.
His representatives stressed that this is not a traditional catalog sale. Tesfaye did not want to sell his music outright. Instead, he chose a new partnership model that allows him to control both his publishing and master rights while working with Lyric.
The deal covers only music released through 2025 and does not include future recordings. The Weeknd will continue his long-running partnership with XO/Republic/Universal Music Group. His publishing catalog will also continue to be administered by Universal Music Publishing Group.
Because the deal is structured as a partnership rather than a sale, the parties said it is not possible to calculate a standard royalty multiple. However, industry reports earlier this year valued the catalog at at least $1 billion. Those estimates were based on roughly $55 million in annual net revenue.
If confirmed, the agreement would rank among the largest single-artist catalog deals ever. The only publicly known deal larger than this was Sony Music’s $1.27 billion acquisition of Queen’s catalog.
The Weeknd remains one of the most successful artists in the world. He has more than 120 million monthly listeners on Spotify. His “After Hours ‘Til Dawn” tour has crossed $1 billion in revenue, making it the highest-grossing tour by a solo male artist.
Lyric Capital said the partnership uses a new financial structure designed to benefit artists. It includes a “royalty-backed note” created with Partners Group. The company said this structure gives artists more flexibility and long-term control over their work.
Lyric’s leadership praised the collaboration and said it could change how artists think about ownership, legacy, and financial planning.
Half of The Weeknd’s publishing rights were already owned by Chord Music Partners, which is backed by Universal Music Group and Dundee Partners.
Lyric Capital focuses on music royalty investments and also owns Spirit Music Group. Spirit controls catalogs from artists such as Tim McGraw, Jason Aldean, and Ingrid Michaelson.
Industry observers see this deal as a possible model for future artist partnerships, especially for top global acts who want capital without giving up control.
