The Purple Scorching Chili Peppers are reportedly selling the rights to their music catalog — which contains hits like “Beneath the Bridge,” “Give It Away” and “Californication” — for $140 million.
The Anthony Kiedis-fronted band is selling the publishing rights to its songs to London-based music funding company Hipgnosis, Selection reported. Reps for the Chili Peppers and Hipgnosis didn’t immediately reply to requests for comment.
Shaped in 1982 in Los Angeles, the Chili Peppers are the newest big-name act to see a windfall from the sale of their catalogue. Final yr, Bob Dylan purchased his 600-song catalogue for larger than $300 million to Common Music, and Stevie Nicks purchased hers to Major Wave for $100 million.
The Chili Peppers’ catalogue, which was largely penned by the band’s key members, lead singer Kiedis, bassist Flea, drummer Chad Smith and guitarist John Frusciante, generates between $5 million to $6 million a yr for publishers, in accordance with Billboard, and was purchased for about 25 situations as quite a bit.
Hipgnosis has been on a purchasing for spree these days. In January, it snapped up half of Neil Younger’s enormous 1,180 music catalogue for spherical $150 million. For the reason that begin of the yr, it has moreover inked gives with Shakira, former Fleetwood Mac guitarist Lindsey Buckingham and super producer and music exec Jimmy Iovine.
In beneath three years, the UK-listed firm bought the catalogues of artists along with rapper Timbaland, Wu-Tang Clan’s RZA, Blondie, Pretenders frontwoman Chrissie Hynde and Barry Manilow.