The settlement marks the first time since 22-year-old Holly died in a plane crash in 1959 that someone other than Maria Elena Holly will be the custodian to the singer/songwriter's catalogue and overall image.

She tells, "For almost 60 years, Buddy's loving fans and I have worked to bring his creativity to successive generations of fans and I have been looking for a steward to lead those efforts into the future. I am very happy to announce that I have entrusted Buddy's legacy to BMG."

The deal covers the U.S. music publishing rights to songs like Peggy Sue, That'll Be the Day and Not Fade Away.