Metallica has teamed up with longtime co-manager Cliff Burnstein “in an intellectual-property acquisition venture that is being headed up by former longtime Morgan Stanley investment banker Paul Donahue.”

According to Variety, sources reported the venture — which neither the band nor Burnstein is heading up — is called Worldwired Music IP Fund, has resources “in the $300-$500 million range,” and includes such partners as include former Fender president/COO Matt Janopaul and former Sony/ATV co-president Rick Krim. The company is said to obtaining classic rock catalogues, among other assets.

Not too long ago, Lars Ulrich told us the group feels good about where it's at right now: “There's this thing, as you know, in the music business about 'the best days are behind us.' And when you still get a chance to challenge that, that's an awesome thing — especially when it happens as organically as this whole thing did. So we're very appreciative and it's a really cool time in Metallica right now.”

AUDIO: LARS ULRICH SAYS METALLICA’S IN A GOOD PLACE RIGHT NOW