The deal was first reported by Billboard Monday evening and confirmed by Rolling stone.
The Chili Peppers have one of the best selling music catalogs with hits such as “Californication”, “Other Side”, “Under the Bridge” and “Scar Tissue”. Much of the catalog was written by Flea, Anthony Kiedis, John Frusciante and Chad Smith. Mercuriadis bought from the group collectively, according to the source.
A representative for Hipgnosis declined to comment, while Chile Peppers’ attorney Eric Greenspan – managing partner of Myman, Greenspan, Fox, Rosenberg, Mobasser, Younger & Light, LLP – did not immediately respond to a request for comment.
Since 2018, Mercuriadis and Hipgnosis have embarked on a buying spree, collecting publishing rights to hit songs from some of the music industry’s most prolific songwriters, producers and artists, including Richie Sambora, Neil Young, Lindsey Buckingham and Jimmy Iovine. Sellers take immediate payment rather than rolling the dice on their future income from their songs, while buyers take the risk hoping to increase their income by getting tracks in television, video games, movies, and advertising opportunities.
Through the Hipgnosis deals, in which the company offers very lucrative repurchases to rights holders, Mercuriadis has helped usher in the current boom in song acquisition that has led Bob Dylan to sell his catalog to Universal Music Publishing Group for 400 million dollars, while Stevie Nicks sold it. publishing rights for over $ 100 million.
There is still a list of some of the highest paying catalogs from the last 50 years on the market, and it will likely be a bidding war for those rights as companies look to cash in. Companies like BMG and KKR have said it Rolling stone they’re willing to put $ 500 million in the right catalog.