LONDON (CelebrityAccess) Merck Mercuriadis’ music IP investment vehicle Hipgnosis Songs Fund Limited has acquired the rights to the back catalogue of legendary record producer Jimmy Iovine.
259-song catalogue includes albums such as the soundtrack to Eminem’s 2002 movie 8 Mile, which includes the smash hit “Lose Yourself.”
The catalog also includes Iovine’s rights to albums he produced or engineered for artists such as Bruce Springsteen and John Lennon.
The financial details of the acquisition were not disclosed, but Music Business Worldwide reported that Iovine plans to use the proceeds from the catalogue sale to help fund a high school in South Los Angeles as part of the USC Iovine And Young Academy initiative he founded with fellow music legend Andre “Dr. Dre” Young.
Launched in 2018, Mercuriadis’ Hipgnosis Songs Fund Limited has raised more than $1 billion and allows investors to take a stake in evergreen music IP in exchange for a share of the royalties.