Red Hot Chili Peppers to Sell Entire Song Catalog for $140 Million
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Forget about "give it away, give it away, give it away now". The Red Hot Chili Peppers have sold the rights to their song catalog - which includes hits "Scar Tissue", "Under the Bridge" and "Californication" - to Hipgnosis Songs Fonds. Last year, the fund bought stacks in the catalogs of artists such as Tom DeLonge, Neil Young, Lindsey Buckingham and LA Reid, among others.
Singer Anthony Kiedis won't be able to sing "Give It Away" lyrics "I Can't Tell If I'm a Kingpin or a Poor Dude" with a straight face, as the band reportedly paid $ 140 million for the tunes Billboard reports.
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Kiedis, bassist Flea, drummer Chad Smith and guitarist John Frusciante are the main authors of the Chili Peppers. According to Billboard, her songs generate between $ 5 million and $ 6 million a year for publishers. The selling price for the catalog was about 25 times that number.
Last year, Bob Dylan sold his songwriting catalog to Universal Music for $ 300 million and Fleetwood Mac's Steetie Nicks made a $ 100 million deal with Primary Wave.
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