Red Hot Chili Peppers have reportedly reached a deal to sell off the group’s catalog of music to Hipgnosis Songs for upwards of $140 million. This would make the California alt-rockers the latest high-profile act to do so, following recent sales by Bob Dylan ($300 million to Universal Music Publishing), Stevie Nicks ($100 million to Primary Wave), and more.
The deal was first reported by Music Business News and Billboard, and it’s unclear whether the deal has been officially closed yet. Whereas many of the other artists who have sold off their catalogs have been solo musicians—like Dylan, Nicks, Lindsay Buckingham, and Neil Young—RHCP have a more circuitous history.
Founded in Los Angeles, CA in 1983, the original lineup consisted of singer Anthony Kiedis, bassist Flea, drummer Chad Smith, and guitarist John Frusciante. The guitarist first left in 1992, rejoined in 1998, left again in 2009, and in 2019 announced his third time joining the group. Around the time of Frusciante’s readmittance to the group, Smith confirmed that the band is working on a new album—the first with Frusciante since 2006’s Stadium Arcadium. It is unclear as of this time whether the deal for the Red Hot Chili Peppers catalog would include any new material.
[H/TÂ Variety]