Sweden's Pophouse Entertainment, founded by ABBA member Bjorn Ulvaeus, has acquired the back catalogue of electric music pioneers Swedish House Mafia, it said on Tuesday.
Pophouse, which is behind events like ABBA's upcoming "Voyage" virtual concerts in London, "Mamma Mia the Party" and the Avicii Experience in Stockholm, said it had acquired Swedish House Mafia's master recordings and publishing catalogues.
It will form a joint venture with its members to develop the Swedish House Mafia brand worldwide.
Chart-topping artists like David Bowie, Neil Young and Shakira have sold the rights to their songs, meaning future income from sales and marketing go to the new owners rather than the artist, who gets a one-off payment.
Swedish House Mafia, whose biggest hit was "Don't You Worry Child", released in 2012, will release a new album in April and start a world tour in July.
Pophouse did not say how much they had paid for the rights to the songs. (Reuters)