Phil Collins and Genesis Receive Staggering $300M to Part Ways With Big Chunk of Music Catalogue

The 'You'll Be in My Heart' hitmaker and his band have agreed to sell a huge part of their back catalogue to a record company for a staggering $300 million.

AceShowbiz - Phil Collins and Genesis have offloaded a large chunk of their back catalogue for a whopping $300 million. Concord Music Group has secured the publishing rights and master recordings for most of prog rock legends' Genesis music.

The 71-year-old singer-and-drummer's solo hits, such as "In the Air Tonight", "You'll Be In My Heart", and "Against All Odds", are also included in the deal along with guitarist Mike Rutherford's songs from his band Mike and the Mechanics.

"In the world we live in today with Facebook, Instagram, TikTok, all these things that drive consumption of older music, there are definitely ways for us as a record company to bring some of this music back to life," Concord president Bob Valentine told the Wall Street Journal.

In March, Phil performed his final show with Genesis. The "Invisible Touch" hitmakers - also comprising Tony Banks - played the last night of "The Last Domino?" farewell run at London's The O2.

And Phil, who has been unable to play drums and was forced to sing the majority of their set from a chair, due to ongoing health issues, quipped about needing to "get a real job now." Phil's son Nic Collins, 21, replaced his father on the drums for the jaunt.

The "Another Day in Paradise" hitmaker previously admitted he can "barely" hold a drumstick in his hand in a devastating health update. Phil has suffered for a long time with poor health since he injured a vertebrae in his upper neck while performing in 2009.

Two years later, he stepped back from performing due to crippling nerve damage, which rendered him unable to play the drums, before returning in 2015. Promoting the reunion shows, he said, "I'm kind of physically challenged a bit which is very frustrating because I'd love to be playing up there with my son."

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