Dylan’s master royalties and neighbouring rights royalties for both albums, as well as the 2007 box set, are included in the new deal.
Dylan was one of five members of the global supergroup which also included George Harrison, Jeff Lynne, Roy Orbison and Tom Petty. The band formed in 1988 after gathering to record a track for Harrison’s next single.
In October 1988, the supergroup released Traveling Wilburys Vol. 1. The album received a Grammy nomination for Album of the Year and won for Best Rock Performance By A Duo or Group. Since its release, Vol. 1 has been certified triple platinum by the RIAA.
Their second album, Traveling Wilburys Vol. 3, was released in 1990 and was dedicated to Orbison who died two years earlier.
“Primary Wave will look to further the legacy of these iconic musicians and these celebrated and legendary albums using their internal infrastructure that includes marketing, digital strategy, licensing, and sync opportunities,” said a statement.
“To acquire even a small portion of Bob Dylan’s work as part of Traveling Wilburys is exciting to say the least,” says Samantha Rhulen, VP, business & legal affairs at Primary Wave Music. “We’re honoured to add this bit of history to our growing music catalogue.”