Elevation Partners, the private equity company whose partners include Bono, the U2 singer, is thought to be the front-runner in a multi-million pound deal to acquire a stake in the back catalogue of Nirvana, the 1990s grunge pioneers.
The publishing rights to the group’s songs are currently owned by Courtney Love, the widow of Kurt Cobain, Nirvana’s singer, who committed suicide in April 1994.
Love is looking to sell a 25 per cent stake in the band’s back catalogue, which includes songs such as Smells Like Teen Spirit and Come As You Are.
The deal would give any investor a cut of the royalties every time a Nirvana song is played.
The catalogue is reported to have a total value of up to $100m (£57m). Love has said that she wants a partner to co-manage the catalogue, which she finds a large responsibility.
Other groups thought to be in the frame are understood to be Sanctuary, the music group, and Chrysalis, the media group. Chorion, the intellectual property rights company, has also been mooted as a potential buyer although industry insiders have questioned the fit between its brands - which include Mr. Men and Enid Blyton - and the hard-rocking Nirvana.
A media executive said that Nirvana’s songs would be a good asset. However he cautioned that a minority stake would make any acquirer a “passenger on Love’s bus”.
Love’s move is likely to anger Nirvana fans, who will feel that she is cashing in on Cobain’s legacy.
seriously, courtney love is the biggiest peice of shit junkie. those songs would be better in just about anyones hands. my gf was in her appt a few years ago and it was literally a huge loft with a bed, and an insane pile of laundry and empty pill bottles. Id like to see CC Deville buy them. hes really cleaned up his act and hes just so damn likeable.
Didn’t courtney love fight for all this shit. I think she went throuhg a court battle to have the rights to all cobains songs. Then she just sells them. hey probly make more money over time then being sold. She is useless.
