Variety recently released that Metallica and co-manager Cliff Burnstein are a few of the people involved with a new intellectual-property acquisition company, called Worldwired Music IP Fund. The company reportedly wants to buy song catalogs to add to their portfolio.
While Metallica will not be the ones leading the company, that would be Paul Donahue, former Morgan Stanley investment banker, they did certainly inspire the company’s name.
A source told Variety that this company was not inspired by Hipgnosis Songs. They are the company that over the last 2 years has spent more than $1 billion, buying up the rights to popular songs from producers and song writers.
While Metallica has owned the rights to their own songs since 2012, it appears they now want to be in the business of owning other artists music as well…namely classic rock catalogs.
Can you imagine Metallica owning the rights to AC/DC?