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...arrangement dates back to 1962, when Gaudio and Valli, who came from working-class Italian neighborhoods in the Bronx and Newark, respectively, were only dreaming of hitting it big. At the time, Valli was a barber, Gaudio worked in a printing plant, and the Four Seasons was an unknown group playing on weekends in small clubs and bowling alleys. Sitting one evening in Valli's apartment in a Newark low-income housing project, the two friends decided to be partners forever and share their earnings equally. Recalls Gaudio: "We said, 'Neither one of us knows where we're going...

Author: /time Magazine | Title: A Handshake for All Seasons | 5/11/1987 | See Source »

...September 1962 the partnership struck gold when Gaudio's song Sherry and Valli's shrill vocals put the Four Seasons on top of the pop world. In 1971 Gaudio, who never liked performing, stopped touring with the Four Seasons but continued to produce the group's records and started working with other artists as well. Valli agreed to stay with the Seasons as lead singer. All the while, Gaudio and Valli never felt the need of a written contract. They have divided well over $50 million on the strength of their original handshake. Says Valli: "If you trust your partner...

Author: /time Magazine | Title: A Handshake for All Seasons | 5/11/1987 | See Source »

...Four Seasons Partnership has various music publishing and production subsidiaries. But the proceeds from Valli's concerts, TV appearances and record sales, plus royalties from Gaudio's writing and production work, are ultimately funneled to the Los Angeles office of the Manhattan-based Barash, Goodfriend & Friedman accounting firm. It pays the partnership's employees, including the band members who back up Valli in the Four Seasons. The accountants divide the net profits between Valli and Gaudio...

Author: /time Magazine | Title: A Handshake for All Seasons | 5/11/1987 | See Source »

...strained if one of them consistently earned much more money than the other. But over time things even out. In 1978 Valli was the big breadwinner because he sang the title song from the movie Grease, which brought in an estimated $2 million for the partnership. In 1981 Gaudio starred, when the music he produced for the Neil Diamond movie The Jazz Singer earned him perhaps $1 million or more after divvying up with Valli...

Author: /time Magazine | Title: A Handshake for All Seasons | 5/11/1987 | See Source »

...Today, Gaudio and Valli could retire and still earn a splendid living. Every time a radio station plays one of their records, the partnership makes money. Royalties from past hits bring in as much as $700,000 a year. Many of Gaudio's perky compositions seem to be perpetual money-makers. The first song he ever wrote was Short Shorts; more than two decades later it became the theme song in commercials for Nair hair-removal cream...

Author: /time Magazine | Title: A Handshake for All Seasons | 5/11/1987 | See Source »

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