Jimmy Iovine, the veteran music producer and co-founder of the Beats audio brand acquired by Apple for $3 Billion in 2014, has sold his global catalog to Hipgnosis Songs Fund.
Reports published on Monday detail the acquisition of Iovine’s worldwide producer royalties which includes a total of 259 song recordings along with film production royalties for hip-hop-inspired blockbuster films 8 Mile and Get Rich of Die Tryin’.
Related: 25 Concert Films & Music Documentaries To Stream While You’re Self-Quarantining
Other artist catalogs of note within Hipgnosis’ recorded music portfolio include RZA (Wu-Tang Clan), Blondie, Barry Manilow, Dion “No I.D.” Wilson, Rick James, and Kobalt Music Copyrights Fund 1, with the latter being comprised of up to 33,000 total songs.
Details of the deal have not been disclosed, but Iovine has revealed that his earnings from the catalog sale will go towards building a Los Angeles high school in partnership with the University of Southern California Iovine and Young Academy, which he opened alongside his former Beats co-founder Dr. Dre in 2013.
[H/T Billboard]