Home https://server7.kproxy.com/servlet/redirect.srv/sruj/smyrwpoii/p2/ Entertainment https://server7.kproxy.com/servlet/redirect.srv/sruj/smyrwpoii/p2/ Red Hot Chili Peppers are reportedly selling a hypnosis catalog

Red Hot Chili Peppers are reportedly selling a hypnosis catalog

Red Hot Chili Peppers sell their rights to publish Merck Mercuriadis’ Hypnosis Songs Fund for about $ 140 million, a source close to the situation said Rolling stone. The deal marks the last sale of catalogs by a major successor and one of the highest acquisitions to date for Mercuriadis.

The deal was first announced by billboard on Monday night and confirmed by Rolling stone.

Chili Peppers have one of the best-selling music catalogs with hits, including “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 buys from the group collectively, the source said.

A Hipgnosis spokesman declined to comment until Chili Peppers lawyer Eric Greenspan ̵

1; managing partner of Myman, Greenspan, Fox, Rosenberg, Mobasser, Younger & Light, LLP – responded immediately to a request for comment.

Since 2018, Mercuriadis and Hipgnosis have been seeking purchases, collecting rights to publish hit songs from some of the most prolific songwriters, producers and artists in the music industry, including Richie Sambora, Neil Young, Lindsay Buckingham and Jimmy Yovin. Sellers take immediate payouts instead of rolling the dice on their future revenue from their songs, while buyers take the risk in hopes of increasing profits by getting songs on TV, movie video games and advertising opportunities.

Through Hipgnosis deals, in which the company offers many lucrative buyouts to rights holders, Mercuriadis helped kick off the current song acquisition boom, which led to Bob Dylan’s catalog selling to Universal Music Publishing Group for $ 400 million while Stevie Nicks sold it publishing rights for over $ 100 million.

There is still a list of some of the catalogs with the highest profits in the last 50 years on the market and there will probably be a war for these rights as companies want to make money. Companies like BMG and KKR have said Rolling stone they are willing to invest $ 500 million in the right catalog.

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