What they got, they got to sell it to your Merck-firm! Hipgnosis Songs Fund is splashing its cash on catalogues again.
Multiple reports claim that the company is buying the song catalogue of the Red Hot Chili Peppers, with both Variety and Rolling Stone reporting a figure of more than $140m, although the deal has yet to be officially announced.
Meanwhile Billboard suggested that the catalogue generates $5m-$6m a year in net publishers’ share. The deal follows acquisitions earlier this year by Hipgnosis of catalogues (or portions thereof) belonging to Neil Young, Lindsey Buckingham of Fleetwood Mac, Shakira and Jimmy Iovine.
In February, the company raised its latest tranche of funding to fuel this strategy: £75m ($103m) from selling shares to investors including Morgan Stanley.
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