No public announcement has been made about the transaction, which closed in recent weeks, and specific terms were unknown. But its value may exceed $500 million, according to the two people, who spoke anonymously because they were not authorized to discuss the matter.

Representatives for Sony and Springsteen declined to comment on Wednesday night. News of the sale was first reported by Billboard.

The arrangement, which has been gossiped about in music industry circles for weeks, includes both Springsteen's recorded music catalog and his body of work as a songwriter. It will give Sony ownership of Springsteen's complete collection of classic songs like "Born to Run," "Born in the U.S.A." and "Blinded by the Light."

It is the latest and biggest megadeal in what has been a frothy couple of years in which investors, major music companies and private equity firms — lured by the rise of streaming and a promise of growing music revenues for years to come — have poured billions of dollars into buying song catalogs.