Metallica / Cliff Burnstein Venture to Acquire Classic Rock Catalogs

Metallica and longtime co-manager Cliff Burnstein are among the parties involved in an intellectual-property acquisition venture that is being headed up by former longtime Morgan Stanley investment banker Paul Donahue, two sources close to the situation confirm to Variety.

The source emphasized that the venture, which is called Worldwired Music IP Fund and will have resources in the $300-$500 million range, is not being led by the group or Burnstein — even though Worldwired is the name of the band’s most recent tour — although they are among the parties involved in it, which sources said also include former Fender president/COO Matt Janopaul and former Sony/ATV co-president Rick Krim. The venture will include song catalogs as part of its portfolio, which one source said is likely to include — but not be limited to — classic rock catalogs. –READ MORE