Led Zeppelin News has confirmed that a deal has been signed to buy Helen Grant’s 10% stake in royalties from Led Zeppelin’s catalogue, but one possible buyer has publicly ruled out purchasing it.
Ian Penman, a lawyer representing Helen Grant, has publicly confirmed for the first time LedZepNews’ September report that a deal has been reached for Grant’s stake.
“Helen’s shares are currently under binding/signed offer,” Penman told LedZepNews. “In due course, we will be making an announcement about the deal.”
LedZepNews revealed in September that an £8.5 million offer had been received for Grant’s stake in Led Zeppelin’s royalties. At the time, Grant’s lawyer declined to comment on our reporting.
Now, Penman has confirmed a deal has been signed but declined to comment when asked the value of the transaction and whether it’s the same deal worth £8.5 million that we revealed last year.
Corporate filings published earlier this year showed that no deal has closed and the shares haven’t yet changed hands.
The deal could result in an outsider owning a stake of Led Zeppelin’s music for the first time, potentially pressuring the surviving band members to release more material to increase the royalties received by the buyer.
The only investor identified so far as being interested in Grant’s stake was music mogul Irving Azoff. But he has now ruled himself out of the sale process, denying that talks are in progress between his companies and Grant.
Speaking exclusively to LedZepNews, Azoff said he has “no knowledge” of any talks currently taking place to acquire Grant’s stake, which she has been publicly seeking to sell for the past year.
A source close to Grant previously told LedZepNews and music industry publication Music Business Worldwide that Azoff’s business Iconic Artists Group had expressed an interest in purchasing Grant’s stake.
Read the full report at Led Zeppelin News.
