The Red Hot Chili Peppers will sell their entire discography for more than $140 million-- the biggest deal yet between Hipgnosis Songs Fund and any artist.
Hipgnosis Songs Fund is an investment company founded by Merck Mercuriadis and Nile Rodgers, and is rumored to have paid for several of the band's biggest hits already, including "Under The Bridge," "Give It Away," and "Californication." Hipgnosis also owns the entire music catalogue of guitarist Lindsey Buckingham (Fleetwood Mac), and 50% of the rights to Neil Young's discography, which reportedly sold for around $150 million.
Guitarist Josh Frusciante has rejoined The Red Hot Chili Peppers following more than a decade-long hiatus, and the band is currently working on new music. He shared: "We’re moving ahead with what we’re doing, writing new music."