The acquisition builds on an existing deal between the American singer-songwriter and Universal Music Publishing Group, which has served as the singer’s publishing administrator since 2014. It includes 110 unreleased tracks, an unreleased album and archive long-form videos.
UMG will also record and release Diamond’s future music if he returns to the studio.
“After nearly a decade in business with UMG, I am thankful for the trust and respect that we have built together and I feel confident in the knowledge that Lucian, Jody, Bruce, Michelle and the global team at UMG will continue to represent my catalogue and future releases with the same passion and integrity that have always fuelled my career,” Diamond said in a statement.
The 81-year-old has sold more than 10 million records since launching his career in 1962, including hits “Sweet Caroline”, “I’m a Believer” and “Red Red Wine”.
During a 60-year career, he has won a Grammy and a Golden Globe, along with achieving 10 No 1 singles on the Billboard Hot 100 and Adult Contemporary Charts.
He has been inducted into the Rock and Roll Hall of Fame twice – once in 1995 as a solo artist, and again in 1997 as a member of Buffalo Springfield.
“Neil Diamond is, by definition, a truly universal songwriter. His immense songbook and recordings encompass some of the most cherished and enduring songs in music history,” Sir Lucian Grainge, chairman and chief executive of UMG, said.
“Through our existing partnership, we are honoured to have earned his trust to become the permanent custodians of his monumental musical legacy.”
A number of legacy artists have sold their catalogues to record labels in recent years, including Sting, Bob Dylan, Aerosmith and Tina Turner.
In January, Warner Chappell Music acquired the publishing rights to David Bowie’s back catalogue in a deal reported to be worth hundreds of millions of pounds.
Additional reporting by Press Association