Kiss gets in the groove by selling its music catalog and brand for over $300 million
Famed rock group Kiss has reached a deal to sell its catalog, brand name and other intellectual property to a Swedish entertainment group for more than $300 million.
The buyer, Pophouse Entertainment Group, collaborated with Kiss last year create to create digital avatars of Kiss members Paul Stanley, Gene Simmons, Tommy Thayer and Eric Singer, shown on stage for the first time during the band's farewell tour at New York City's Madison Square Garden in December.
Pophouse CEO Per Sundin said it also has plans for a Kiss biopic, documentary and experiences including an avatar show slated for 2027. He also said the company wants to expose Kiss to younger generations of fans.
"We work together with Universal and Kiss, even though we will own the artists rights, and we're doing it in conjunction with Kiss," Sundin said.
Bassist and lead singer Gene Simmons told the Associated Press that Kiss is indeed "in the trenches with them."
"We talk all the time. We share ideas. It's a collaboration. Paul [Stanley] and I especially, with the band, we'll stay committed to this. It's our baby," he said.
Simmons also said the band will not tour again.
"We're not going to tour again as Kiss, period," he said. "We're not going to go put the makeup on and go out there."
—With reporting from the Associated Press
Megan CerulloMegan Cerullo is a New York-based reporter for CBS MoneyWatch covering small business, workplace, health care, consumer spending and personal finance topics. She regularly appears on CBS News Streaming to discuss her reporting.