In one of the largest musical agreements in recent years, Bob Dylan's entire back catalogue has been bought by Universal Music Group.

The agreement covers the copyright of 600 of Dylan's iconic songs, acquired from the artist himself in what is reported to be a deal valued at €247 million.

"To represent the body of work of one of the greatest songwriters of all time - whose cultural importance can't be overstated - is both a privilege and a responsibility," said Jody Gerson, the chairman and chief executive of the company's publishing division.

Universal Music Group also represents the back catalogues of artists like ABBA, Elton John, and The Clash. Up until today, Dylan's catalogue was administered by UMG rival Sony/ATV outside America.

This news follows other recent high-profile UMG signings of Kendrick Lamar, Billie Eilish, and Taylor Swift.

Sir Lucian Grainge, chief executive of Universal Music Group, said it is "no secret that the art of songwriting is the fundamental key to all great music, nor is it a secret that Bob is one of the very greatest practitioners of that art".

He added: "Brilliant and moving, inspiring and beautiful, insightful and provocative, his songs are timeless - whether they were written more than half a century ago or yesterday.

"I have no doubt that decades, even centuries from now, the words and music of Bob Dylan will continue to be sung and played - and cherished - everywhere."