Steven Tyler sells part of Aerosmith's catalogue

Steven Tyler has sold a stake in Aerosmith's music catalog to Primary Wave Publishing. The New York Post reports that the supposed $50 million deal could cover up to 160 songs written or co-written by Tyler, including "Love in an Elevator," "Dude Looks Like a Lady," "Janie's Got a Gun" and "Jaded." Older hits such as "Dream On" and "Sweet Emotion" aren't owned by the Aerosmith frontman.

The timing of the move may coincide with a recent tax law change for songwriters. Two years ago, the tax rate for selling copyrights dropped from 38 percent to 15 percent. Tyler says he likes how the company uses songs as marketing tools, saying, "Primary Wave's expertise will ensure that my catalog will continue to rock generations well into the future and boldly go where no songs have gone before."

Primary Wave also has an interest in the rights to Beatles' songs written by John Lennon and the publishing catalogs of Kurt Cobain, Daryl Hall and John Oates and others.
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