Swedish company Pophouse Entertainment has purchased a majority stake in Avicii's master recording and publishing rights.
The assets of Avicii's catalog were previously held by his family estate, though they still reportedly own 25% of the overall share. The partnership effectively ensures the iconic dance music producer's family will continue to have a say in how Avicii's music is promoted and utilized going forward.
Avicii is survived by his parents, Klas Bergling and Anki Lidén. The former said the transaction ensures that the Tim Bergling Foundation remains fully funded for the foreseeable future.
"Through this deal, we are also securing the Tim Bergling Foundation's long-term finances, creating opportunity to act decisively on the foundation's commitments to supporting such important issues as mental health and well-being of young people," Bergling said in a statement.
Pophouse Entertainment Acquires Majority Stake In Avicii's Catalog
Avicii's family said the transaction will help secure the financial future of the Tim Bergling Foundation.
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Bergling additionally noted it's his belief that the deal will help bring his son's music to his fanbase on a global scale.
Founded by ABBA's Björn Ulvaeus, Pophouse's industry expertise was precisely what attracted fellow electronic music icons Swedish House Mafia to sell partial ownership of their discography just six months ago.
"It feels great for us to partner up with a company like Pophouse that will do much more than simply acquire our creative work," the trio said in a statement at the time.
The financial terms of the Avicii acquisition have not been disclosed at the time of writing.