Swedish company Pophouse Entertainment bought a majority stake in Avicii’s recording and publishing rights.
Avicii’s catalog assets were previously held by his family estate, although they still hold 25% of the overall share. The partnership effectively ensures that the family of the iconic dance music producer will continue to have a say in how Avicii’s music is promoted and used in the future.
Avicii is survived by his parents, Klas Bergling and Anki Lidén. The former said the transaction ensures the Tim Bergling Foundation remains fully funded for the foreseeable future.
“Through this agreement, we are also securing the long-term finances of the Tim Bergling Foundation, creating the opportunity to act decisively on the foundation’s commitments to support issues as important as mental health and well-being. -being young people,” Bergling said in a statement.
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Bergling also noted that he is confident the deal will help bring his son’s music to his fan base globally.
Founded by ABBA’s Björn Ulvaeus, Pophouse’s expertise in the industry is precisely what prompted fellow electronic music icons Swedish House Mafia to sell partial ownership of their discography just six months ago.
“It’s great for us to partner with a company like Pophouse that will do so much more than just acquire our creative work,” the trio said in a statement at the time.
Financial terms of the Avicii acquisition have not been disclosed at the time of writing.