The Weeknd is aiming to secure a whopping $1 billion in financing using his chart-topping music catalog as collateral without giving up ownership of his rights.
The Grammy Award-winning artist is working with Lyric Capital Group, a New York-based firm that specializes in music royalties, to structure a deal that would immediately deliver $250 million in cash and an additional $750 million in debt, according to Bloomberg. Rather than selling off his catalog, the plan involves leveraging the remaining half of his publishing rights, which are not currently held by Chord Music Partners. Chord already owns 50 percent of his publishing stake. The move would allow The Weeknd to retain full control of his music while unlocking capital for future ventures in film, television and fashion.