(03-26-2006) Bono leads race to buy Nirvana stake - Telegraph*

[HelloAngel]

Bono leads race to buy Nirvana stake


By James Hall


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.

© Copyright of Telegraph Group Limited 2006.
http://www.telegraph.co.uk/money/ma...d=242&sSheet=/money/2006/03/26/ixcitytop.html

 

[CTU2fan]

Interesting. I wouldn't want any part of it if I was going to be in effect a prisoner to Courtney Love's whim.

And of course the reason Nirvana fans will see it as her cashing in on Nirvana's work is because it's true...what a complete hack she is. If it wasn't for Kurt she'd have never gotten in Trent Reznor's pants, let alone ever sell a record...I wish Dave Grohl had the back catalog rights.

 

[EdgeVox]

I remember reading once how Bono approached Kurt and Courtney to try and give the "How to handle fame" speech and was laughed off. Courtney admitted regretting it in somewhat recent interview. Grohl also slagged off Bono in his Nirvana days (Flanagan's Book) and now sings his praises. Funny how people try to rag on U2 to be "cool" only to come around later....

Xavier

 

[Maoilbheannacht]

Interesting. I wouldn't want any part of it if I was going to be in effect a prisoner to Courtney Love's whim.

And of course the reason Nirvana fans will see it as her cashing in on Nirvana's work is because it's true...what a complete hack she is. If it wasn't for Kurt she'd have never gotten in Trent Reznor's pants, let alone ever sell a record...I wish Dave Grohl had the back catalog rights.

Well, Kurt had a daughter with Courtney and I'm sure he would not mind some of that money going to her.

 

[ouizy]

I think this is a great move by Elevation, and I am sure Bono is leading the charge here.

We all know how powerful it i sto own a catalogue (remember Michael Jackson and the Beatles.)

Courtney Love is clearly unstable, and if she is willing to sell off 25%, at some point she will lose control of 100% as I am sure she has no idea what the hell she is doing. At that point, Bono (a huge fan of Nirvana) may be in a very good place.

Yes, Kris and Dave should own the rights, but if that is not financially possible, I think Elevation and Bono holding the rights would be a good thing.

 

[U2FanPeter]

Bono met Kurt?

 

[BonoIsMyMuse]

I at first thought this was a pretty bad idea, but upon more consideration, I think someone responsible ought to look out for the future of Francis Bean (Frances? sorry if it's misspelled). While I'm not convinced that someone is or should be Bono, I think Nirvana's songs could fall into much worse hands (thanks, Michael Jackson, for being so good with the Beatles).

It seems a bit ridiculous to me, though, that anyone would want to pay to have to deal with Courtney Love. If anyone can handle it, though, it's our Bono.

Courtney Love:
Bono:

He'd win every time.

 

[EdgeVox]

"Courtney, mother of Cobain's daughter Frances Bean, who was just two
when he blasted himself to death at his lakeside home in Seattle, is close to
Bono.

She recently revealed that the Dubliner had been one of the few people who
had sought to help Cobain during the final tortured months of his life.

In his suicide note, Cobain said he had lost his sense of passion and believed
Frances Bean would be better off without him.

Courtney said Bono had previously offered to advice Cobain - who was
heavily addicted to heroin and racked by depression at the time of his death -
but had been spurned.

"We were idiots and turned him away and were too embarrassed," she said.

"I sort of begged Kurt to take the 'Bono Talk' because, f*** it, if I had
listened to it I'd have avoided a buttload of trouble for myself."

She also claimed Cobain might still be alive had he listened to Bono and
learned to enjoy his star status.

"I have a feeling Bono would have said, 'Uh, no dude...You're supposed,
you're allowed to have a blast doing this...buy an Eames chair, be room mates
with Keith Richard, and calm down.

"I think a few spins in a Rolls or something, like any other normal male
rock star, would have been a tonic for him.

"Kurt wanted to have fun but was never allowed to.""

 

[U2girl]

Grohl and Novoselic have no rights to Nirvana catalogue? Not even songwriting proceeds?

 

[quadcaster]

Grohl and Novoselic have no rights to Nirvana catalogue? Not even songwriting proceeds?

i think they might have a very small portion, very very small!

kurt wrote basically all the songs so yeah courtney gets away with it as estate head

 

[seajewel]

Bono met Kurt?

Kurt met Bono ......

 

[julianamendoza]

Kurt met Bono ......

 

[JCOSTER]

B stay away from CL!!!

 

[cg]

"Courtney, mother of Cobain's daughter Frances Bean, who was just two
when he blasted himself to death at his lakeside home in Seattle, is close to
Bono.

She recently revealed that the Dubliner had been one of the few people who
had sought to help Cobain during the final tortured months of his life.

In his suicide note, Cobain said he had lost his sense of passion and believed
Frances Bean would be better off without him.

Courtney said Bono had previously offered to advice Cobain - who was
heavily addicted to heroin and racked by depression at the time of his death -
but had been spurned.

"We were idiots and turned him away and were too embarrassed," she said.

"I sort of begged Kurt to take the 'Bono Talk' because, f*** it, if I had
listened to it I'd have avoided a buttload of trouble for myself."

She also claimed Cobain might still be alive had he listened to Bono and
learned to enjoy his star status.

"I have a feeling Bono would have said, 'Uh, no dude...You're supposed,
you're allowed to have a blast doing this...buy an Eames chair, be room mates
with Keith Richard, and calm down.

"I think a few spins in a Rolls or something, like any other normal male
rock star, would have been a tonic for him.

"Kurt wanted to have fun but was never allowed to.""

what is the source for this?
it seems very contact music - ish. (i.e. - blown out of proportion).
i'm sure bono offered to speak to kurt, but i doubt he and courtney are "close."

 

[U2FanPeter]

"Courtney, mother of Cobain's daughter Frances Bean, who was just two
when he blasted himself to death at his lakeside home in Seattle, is close to
Bono.

She recently revealed that the Dubliner had been one of the few people who
had sought to help Cobain during the final tortured months of his life.

In his suicide note, Cobain said he had lost his sense of passion and believed
Frances Bean would be better off without him.

Courtney said Bono had previously offered to advice Cobain - who was
heavily addicted to heroin and racked by depression at the time of his death -
but had been spurned.

"We were idiots and turned him away and were too embarrassed," she said.

"I sort of begged Kurt to take the 'Bono Talk' because, f*** it, if I had
listened to it I'd have avoided a buttload of trouble for myself."

She also claimed Cobain might still be alive had he listened to Bono and
learned to enjoy his star status.

"I have a feeling Bono would have said, 'Uh, no dude...You're supposed,
you're allowed to have a blast doing this...buy an Eames chair, be room mates
with Keith Richard, and calm down.

"I think a few spins in a Rolls or something, like any other normal male
rock star, would have been a tonic for him.

"Kurt wanted to have fun but was never allowed to.""

I count about 3-4 factual errors in here. The most blatant being the intervention/rehab clinic kurt had the month before he died.

I don't think Kurt ever met Bono, or vice versa. I doubt even a phone call. I know that Stipe had a 1-on-1 meeting with Cobain.

The Cobain family/estate has about 97% of the Nirvana publishing. Grohl/Noveselic have credits on the music of Smells like teen spirit and maybe 2 other songs, Grohl wrote and sung a 1993 bside.

Lastly, the 25% publishing ownership would have no controlling power over how it's used. So Bono or whoever couldn't sell Lithium for Psizer pharmacutical drug ads like Michael Jackson did with Beatle songs and Nike in the 80's.

u2fp

 

[EdgeVox]

that article in particular I found on atu2.com and you're right it was from a tabloid rag-ish source. There were very similar articles from around that time. I think from the "Irish Mirror", I think not sure. Though I do remember reading that the intervention/rehab clinic shortly before Kurt Cobain died was true. Without looking it up, I think I remember that he escaped from a rehab facility and was missing for about two days before he was found dead.

Xavier

 

[biff]

Here's an update from Rolling Stone. Love has sold to someone else:


Courtney Sells Nirvana Rights Share
Kurt Cobain's widow partners with ex-Virgin Records COO/GM to manage catalog ONLINE EXCLUSIVE

When Nirvana singer and lead songwriter Kurt Cobain died in 1994, his widow, rocker Courtney Love, became the primary beneficiary of his estate, which includes more than ninety-eight percent of the band's publishing rights. Band members Krist Novoselic and Dave Grohl were left with part of the remainder. Now Love tells Rolling Stone that she has finally sold twenty-five percent of her share of Nirvana's sought-after publishing catalog -- to Larry Mestel of Primary Wave Music Publishing, former COO/GM of Virgin Records.

"I took on a strategic partner, Larry Mestel, to help me co-manage the estate because it was overwhelming," Love explains. "The affairs of Nirvana are so massive and so huge, and they've all fallen on my lap. I own almost all of [the publishing], . . . and it proved to be too much for me. I needed a partner to take Kurt Cobain's songs and bring them into the future and into the next generation. And this guy's the guy to do it."

 

[Carek1230]

To me it seems to make more sense to sell to a music publishing firm rather than an investment partnership like Elevation Partners. I thought Elevation was mroe into buying companies, not music publishing or music ownership rights, and why would they want to buy only 25% of the rights? I didn't think Cobain's music was in the best interest of Elevation. I wouldn't want them having to deal with the likes of unstable Courtney Love, what a fruitcake!

 

[Headache in a Suitcase]

the entire nirvana mess just adds yet another thing to prove the genius of paul mcguinness for making sure that u2 always had full control over their music right from the very begining.