Kevin 'Papa' Jonas buys part of Jonas brothers' music catalog
What's the story
In a touching move, Kevin Jonas Sr., the father of the popular band Jonas Brothers, has bought a part of their music catalog. The deal was announced on Tuesday, July 22, and includes publishing and recording rights to their albums The Album, Happiness Begins, and Greetings From Your Hometown. It also covers singles like Like It's Christmas and Remember This.
Emotional statement
'I don't know that...': Kevin Sr.'s heartfelt message to JBros
Kevin Sr., 60, expressed his pride in his sons' music during the announcement. He said, per Billboard, "I don't know that anybody can love your music any more than I do or be any more proud of you." "I am not asking for less than the purchase price but for consideration of the passion I'll bring to keeping your legacy thriving."
Financial details
Deal financed by $300 million debt package
The deal was financed by a $300 million debt package from Corrum Capital, Bardin Hill, Cliffwater, and One William Street. However, the exact cost of the assets remains undisclosed. Kevin Sr., who once managed his sons in their early days as The Jonas Brothers, now owns these rights through his company Jonas Entertainment Group.
Full circle
JBros still own rights to their 1st 4 albums
The Jonas Brothers—Kevin Jr., Nick, and Joe—said that selling their rights to their father's company feels like coming full circle. They said in a statement, "We are passionate about songwriting and the creative process, and Leslie DiPiero [Jonas Group Publishing president] has always been a true champion for songwriters and creators." The band still owns the rights to their first four albums: It's About Time, Jonas Brothers, A Little Bit Longer, and Lines Vines and Trying Times.