Sources say Billy Joel's catalog was shopped with an initial pricing suggestion that may have hit $400 million.
last October, Joel conceded that he might sell his song catalog if he was offered $1 billion — a price Stern suggested as a valuation for his songs. “I don’t know who would pay that but if someone offered me $1 billion…what am I gonna say, no?” he said. “I’m from Levittown.”
Joel’s representatives say the catalog is not up for sale. “At this time the [Billy Joel] catalog is not on the market,” Arfa said in an e-mail. And another source familiar with the proceedings disputes the characterization that the Joel catalog was ever up for sale. During his career, Joel, who is the sole songwriter of 99.5% of all of his songs, has had 33 top 40 hits, of which 13 hit the top 10 and three — “It’s Still Rock and Roll To Me,” “Tell Her About It” and “We Didn’t Start The Fire,” reached the No. 1 spot on theestimates Joel’s song catalog averaged $8.
Consequently, when potential bidders for Joel’s songs weren’t receptive to a 40 times multiple, the catalog, which is administered globally by UMPG, appears to have been withdrawn from the market. Sources say things have been quiet for the last few months.
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