Bruce Springsteen has sold the master recordings and publishing rights for his life’s work to Sony for a reported $500m (£376m).

The deal gives Sony ownership of his 20 studio albums, including classics like Born To Run, The River and Born In The USA, according to multiple US reports.

A 20-time Grammy winner, Springsteen’s music generated about $15m in revenue last year.

His deal follows similar sales by Bob Dylan, Blondie and David Bowie.

Warner Music bought the worldwide rights to Bowie’s music in September, and Dylan sold his catalogue of more than 600 songs in December last year to Universal Music Group at a purchase price widely reported as $300m.

The deals provide immediate financial security to the artists and their estates, while the rights-holders hope to profit by building new revenue streams for the music via film and TV licensing, merchandise, cover versions and performance royalties.

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At an investor relations meeting in May, Sony Music’s chief executive, Rob Stringer, said the company had spent $1.4bn in acquisitions over the previous six months. That included a multi-million dollar deal to obtain the rights to Paul Simon’s back catalogue.

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