LONDON (CelebrityAccess) — California rock legends Red Hot Chili Peppers have joined the growing number of artists who have cashed their catalogs with a sale to Merck Mercuriadis’ Hipgnosis.
According to Billboard, London-based music royalties investment firm will pay about $140 million for the band’s catalog of music, which includes hits such as Under The Bridge, Californication, and Give It Away.
The band, which formed in California in 1992, features vocalist Anthony Kiedis, bassist Flea, drummer Chad Smith, and guitarist John Frusciante. All four members of the group have contributed songwriting and Billboard reported that they saw annual returns of about $5-6 million from their royalties prior to the sale.
Hipgnosis has spent more than $1bn in the past three years acquiring catalog, including a 50% stake in Neil Young’s catalog of 1,180 compositions, as well as deals with former Fleetwood Mac guitarist Lindsey Buckingham, Colombia recording artist Shakira, and noted record producer Jimmy Iovine.