Legendary Memphis music label Sun Records has sold to New York-based music company Primary Wave for a reported $30 million.
“We are extremely pleased to pass the Sun Records baton to Primary Wave and are confident that they will continue to reach new heights for the crown jewel of the music business created by Sam Phillips, which my brother, Shelby, and I have kept alive and relevant for the past 50 years,” said John A. Singleton, President of Sun Entertainment Corporation, in a statement.
According to The New York Times, Primary purchased every recording made by Sun, except for Elvis Presley’s releases, which are currently owned by Sony.
The deal includes the rights to Jerry Lee Lewis's hits, the early recordings of Johnny Cash and Roy Orbison, USA Today reported.
The New York Times reported that Primary's portfolio is already quite impressive with the ownership of songs by Stevie Nicks, Smokey Robinson, Burt Bacharach, Bob Marley, and half the estate of Whitney Houston.