Primary Wave Music has struck what it calls a “multi-million dollar” music rights deal with keyboardist, songwriter, composer and one of the founders of rock band Toto, Steve Porcaro.
The company said that terms of the deal include Porcaro’s music publishing catalog, artist royalties, and neighboring rights.
Primary Wave added that the deal includes royalties for some of Toto’s biggest hits, as well as rights to all songs Steve Porcaro composed for film and television, including his work for the award-winning FX show Justified.
The company added that additional terms of the partnership now give Porcaro access to Primary Wave’s marketing team and publishing infrastructure, to work on new marketing, branding, digital, and synch opportunities, as well as film & television projects.
As one of the founding members of Toto, Porcaro wrote some of and performed on all of the band’s repertoire.
The band’s hits include the Top 5 singles Rosanna and Hold The Line, as well as their No.1 classic Africa, all of which are included in this new deal with Primary Wave.
Hold The Line was the band’s first single off their self-titled debut. It reached No. 5 on the Billboard Hot 100, and has since been certified 2x platinum.
Released in 1982, Rosanna reached No.2 on the Billboard Hot 100, staying there for five weeks. In 1983, Rosanna won the Grammy Award for “Record of the Year”.
Toto’s most well-known hit, Africa, was released in October 1982 and was the third single off the band’s multi-platinum and Grammy-winning album Toto IV.
The single shot to the top of the Billboard Hot 100 chart, making it their only Billboard No.1. Africa also went to No.1 in Canada and reached the Top 10 in the United Kingdom, Ireland, New Zealand, and Switzerland.
The deal also includes rights to a select number of compositions purchased jointly with the Estate of Michael Jackson, including Jackson’s mega-hit Human Nature, a song Steve Porcaro co-wrote for Michael Jackson which was released in July 1983 as the fifth single from Jackson’s Thriller album.
After release, the single immediately shot to the Top 10 on the Billboard Hot 100.
“We are thrilled to welcome Steve Porcaro to the Primary Wave family.”
David Weitzman, Primary Wave
Commenting on the deal, Primary Wave’s David Weitzman said: “We are thrilled to welcome Steve Porcaro to the Primary Wave family.
“His career arc from being a first call touring & session musician, to co-founding Toto, to writing songs with Michael Jackson in his home studio is a story for the ages.”
Porcaro’s deal with Primary Wave marks the latest music rights deal for the company and follows its acquisition earlier this month of the writer’s and producer shares of songwriter and musician Keith Forsey.
Other recent Primary Wave deals include the acquisition of Nuno Bettencourt’s catalog. Bettencourt is the guitarist, singer, songwriter, and producer known best as the lead guitarist of 90s hard rock band Extreme.
Other recent Primary Wave deals include a multi-million-dollar music rights deal with Neil Finn, founding member of Crowded House, in April.
That same month, US singer, songwriter and pianist Neil Sedaka sold a stake in his music publishing and master recording rights to Primary Wave for an undisclosed amount.
In February, Primary Wave signed a partnership with Y.M.C.A hitmakers Village People, covering the group’s brand, as well as name & likeness rights, plus master recordings and publishing assets.
Music Business Worldwide