British songwriter and producer Ian Levine has sold his share of royalties from some tracks of English pop group "Take That" to One Media iP Group, the music publisher and distributor said on Monday, sending its shares 16% higher to 8 pence.
Besides producer royalties from tracks in the band's debut album, including "A Million Love Songs" and "I Found Heaven", One Media said it has also bought producer royalties of two other "Take That" tracks which were never released.
Music producers usually take a percentage of the sales from an artist's album or songs, referred to as producer royalties.
The Covid-19 pandemic has all but shut down live concert earnings and a growing list of professionals have sought to monetise their older work. Bob Dylan sold his back catalogue last month and so have Shakira and Neil Young.
One Media's deal was completed through its Harmony IP asset release programme, the company said, which allows music rights holders access the future earnings of their intellectual property by purchasing a portion of their rights upfront.
"Take That", whose original line-up also featured Robbie Williams and Jason Orange, internationally had 56 number one singles and 39 number one albums.
If gains hold, One Media iP Group stocks are set for their best day in over two years.