Phil Collins and Genesis are the latest classic rock acts to cash in on their back catalog.

They've garnered more than $300 million from Concord Music Group for the rights to their songs together as Genesis and as solo artists, The Wall Street Journal reports. Music credited to former Genesis singer Peter Gabriel is not part of this sale. Some sort of deal has been in the works for a while. Billboard reported in early January that Tony Smith, manager for both Collins and Genesis, was “discreetly shopping” an income-stream deal to a few buyers. The publication estimated back then that Collins' publishing royalties alone averaged roughly $6.2 million annually.

Genesis has released 15 studio albums, including a run of four Top 10 multiplatinum albums beginning in 1981. Collins added eight solo LPs, winning eight Grammys as well as an Oscar for "You'll Be in My Heart" from Disney's 1999 film Tarzan. Rutherford has issued nine albums as part of Mike + the Mechanics and two solo projects. Banks has six solo LPs, too.

Collins and Genesis, who recently reunited for what could be their final tour, are far from the first to sell their publishing rights. The estate of David Bowie offloaded his rights to Warner Chappell Music in a deal reportedly worth at least $250 million as the initial Billboard report surfaced. Bob Dylan and Bruce Springsteen have also sold their catalog rights for $400 million and $500 million, respectively.

Concord is one of the industry's largest independent music labels; the company has served as publishing administrator for Collins and Genesis since buying Imagem Music Group in 2017.

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