Billboard: Red Hot Chili Peppers sell song catalogue for US$140m | Malay Mail

📆 5/5/2021 3:22 AM
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LOS ANGELES, May 5 ― The Red Hot Chili Peppers are the latest high-profile act to sell their music publishing rights, in a deal reportedly worth US$140-150 million (RM577-618 million) struck with the British investment firm Hipgnosis. Industry tracker Billboard cited anonymous sources in first...

Neither Hipgnosis nor the band's representatives immediately responded yesterday to AFP requests for comment.

According to Billboard, Hipgnosis sold nine million new ordinary shares at US$1.66 per share on April 29 to finance the deal, which brought in US$14 million. The latest sale is part of a song rights purchasing boom as financial markets increasingly are drawn to the lucrative portfolios as an asset class.Bob Dylan sold his full publishing catalog for a reported sum of US$300 million to Universal Music Publishing Group, while Stevie Nicks of Fleetwood Mac sold a majority stake in her catalog reportedly for US$100 million.

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