Metallica Join Venture Focused On Buying Song Catalogs And Other Intellectual Property

According to Variety, Metallica and their co-manager Cliff Burnstein are involved in a new intellectual-property acquisition venture called Worldwired Music IP Fund. Former Fender president/COO Matt Janopaul and former Sony/ATV co-president Rick Krim are also involved in the venture, which is being headed by former Morgan Stanley investment banker Paul Donahue. The collective, which will have resources in the $300-$500 million range, are reportedly working to gain intellectual property rights of various song catalogs and more.

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