The Red Hot Chili Peppers are reportedly selling the rights to their song catalog — which includes hits like “Under the Bridge,” “Give It Away” and “Californication” — for $140 million.
The Anthony Kiedis-fronted band is selling the publishing rights to its songs to London-based music investment firm Hipgnosis, Variety reported. Reps for the Chili Peppers and Hipgnosis did not immediately respond to requests for comment.
Formed in 1982 in Los Angeles, the Chili Peppers are the latest big-name act to see a windfall from the sale of their catalogue. Last year, Bob Dylan sold his 600-song catalogue for more than $300 million to Universal Music, and Stevie Nicks sold hers to Primary Wave for $100 million.
The Chili Peppers’ catalogue, which was largely penned by the band’s key members, lead singer Kiedis, bassist Flea, drummer Chad Smith and guitarist John Frusciante, generates between $5 million to $6 million a year for publishers, according to Billboard, and was sold for about 25 times as much.
Hipgnosis has been on a buying spree recently. In January, it snapped up half of Neil Young’s massive 1,180 song catalogue for around $150 million. Since the beginning of the year, it has also inked deals with Shakira, former Fleetwood Mac guitarist Lindsey Buckingham and super producer and music exec Jimmy Iovine.
In under three years, the UK-listed company bought the catalogues of artists including rapper Timbaland, Wu-Tang Clan’s RZA, Blondie, Pretenders frontwoman Chrissie Hynde and Barry Manilow.