Red Hot Chili Peppers will reportedly sell their catalogue to Hipgnosis for upwards of $140 million
The transaction is one of Hipgnosis’ biggest to date.
Photo: Amanda Edwards / Getty
Red Hot Chili Peppers are reportedly selling their song catalogue to Hipgnosis Songs Fund in one of the music IP investment company’s biggest deals yet.
Hipgnosis has spent a reported $140 million to acquire the Californian funk rock band’s entire song catalogue, according to Rolling Stone. The deal reportedly includes the group’s biggest hits, including Californication, Under The Bridge, Otherside, Dani California, Give It Away and Scar Tissue.
As the band’s core members – Anthony Kiedis, Flea, Chad Smith and John Frusciante – are credited for writing most of the group’s music, they would have had to come to a collective agreement to sell their catalogue.
At press time, neither the Chili Peppers nor Hipgnosis have issued a public statement regarding the sale.
Frusciante, who left the band after recording 2009’s Stadium Arcadium, rejoined the Red Hot Chili Peppers in 2019. The band were slated to perform three festival dates in May 2020, at Boston Calling, Hangout and Sonic Temple; all three were cancelled due to COVID-19.
The band are, however, writing new music, according to Frusciante in October 2020, who told Double J: “We’re moving ahead with what we’re doing and writing new music”
Hipgnosis Songs Fund was founded by Merck Mercuriadis and Chic guitarist Nile Rodgers. Since 2018, it has been on an acquisition spree, snapping up song catalogues from some of the biggest names in music.
In January, Neil Young sold 50 percent of his song copyrights to the fund for an estimated $150 million. That same month, Lindsey Buckingham followed suit, selling his music publishing rights for an undisclosed sum.
Both deals paled in comparison to the $323 million acquisition of a large chunk of Kobalt Music Copyrights S.à.r.l’s catalogue, which includes hits by Fleetwood Mac, the B-52s and George Benson. The deal, inked in November last year, is Hipgnosis’ biggest one to date.