The acquisition includes previously unreleased tracks and also gives UMG the rights to Diamond’s future music, if the 81-year-old opts back into the studio.

“After nearly a decade in business with UMG, I am thankful for the trust and respect that we have built together,” Diamond said in a statement, adding he is “confident” the team “will continue to represent my catalogue, and future releases with the same passion and integrity that have always fuelled my career.”

Universal did not disclose the terms of the deal.

Calling the Brooklyn-born Diamond “a truly universal songwriter,” Universal’s head Sir Lucian Grange said the artist’s “immense songbook and recordings encompass some of the most cherished and enduring songs in music history.”

The sale is the latest in an avalanche of such blockbuster transactions, a rush that has seen artists including Bob Dylan and Bruce Springsteen sell off their catalogues for astronomical sums.

The trend is driven in large part by the anticipated stability of streaming growth combined with low interest rates and dependable earning projections for time-tested hits.

It’s also useful for artists focused on estate planning, and those whose touring income has been stymied by the pandemic.

Companies have acquired a number of major catalogues including from David Bowie’s estate, Stevie Nicks, Paul Simon, Motley Crue, The Red Hot Chili Peppers, and Shakira.