The Red Hot Chili Peppers are reportedly selling the rights to their song catalog – including hits such as “Under the Bridge”, “Get It Away” and “California” – for $ 140 million.
The Anthony Kiedis-fronted band is selling the publishing rights of its songs to London-based music investment firm Hypnosis, Variety reported. Reps for Chili Peppers and Hypagnosis did not immediately respond to requests for comment.
Created in 1982 in Los Angeles, Chili Papers is the latest big-name act to see a wildfall from the sale of its catalog. Last year, Bob Dylan sold his 600-song catalog for Universal Music for over $ 300 million, and Stevie Nick sold it to Primary Wave for $ 100 million.
The Chili Papers list, which was largely created by the band’s lead members, lead singer Kedis, bassist Flea, drummer Chad Smith and guitarist John Frusinte, would generate between $ 5 million to $ 6 million per year for publishers. is, By billboard, And was sold for about 25 times more.
Hypnosis is a recent purchase race. In January, it cut half of Neil Young’s massive 1,180 song catalog for about $ 150 million. Since the beginning of the year, it has signed deals with Shakira, former Fleetwood Mac guitarist Lindsey Buckingham and super producer and music producer Jimmy Iovin.
Within three years, the UK-listed company purchased catalogs of artists including rappers Timbaland, Wu-Tang Klan’s RZA, Blondie, Pretenders frontwoman Chrisi Hende and Barry Manilow.
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