REUTERS: Warner Music Group said on Thursday it would buy celebrated French DJ David Guetta's recorded-music catalogue from the last two decades, and sign a new deal with him for future recordings.
The move will add Guetta's body of work to the world's third-largest recording label that is home to artists including Cardi B, Ed Sheeran and Bruno Mars.
Known for his collaborations with artists such as Akon, Snoop Dogg and Kid Cudi, Guetta has 50 million record sales and more than 14 billion streams to his name to date.
Guetta, best known for revolutionizing the electronic dance music space in the early 2000s, has also worked with Rihanna, Justin Bieber and Nicki Minaj, and has won two Grammy Awards.
"I'm super excited about the new music I'm working on ... This is the right time to renew my creative partnership with my trusted team at Warner Music," Guetta said in a statement.
Guetta is currently the eighth-most listened to artist in the world by monthly listeners on audio streaming platform Spotify.
"A lot of people approached us to express interest in David's catalogue," Jean-Charles Carré, David Guetta's business partner and manager, said.
Warner Music did not disclose financial details of the deal did not immediately respond to a Reuters request for comment.
The Financial Times on Thursday reported the deal size was above US$100 million, citing a person familiar with the matter.
Warner Music last year cautioned the COVID-19 pandemic had hurt physical revenue streams and delayed the release of new recordings, movies and television programs.
(Reporting by Noor Zainab Hussain in Bengaluru; Editing by Ramakrishnan M.)