Red Hot Chili Peppers have sold their entire music catalogue to the Warner Music Group for more than $300 million.
According to Billboard, the nine-figure deal includes all of the band’s recorded output, which includes their 13 studio albums, said to annually generate about $26 million from streaming platforms, sales, and other avenues. The purchase is a sizeable chunk of a bigger venture with Bain Capital for $650 million.
The band owned their catalogue for the past year, and were reportedly asking for $350 million. However, an existing relationship with WMG, which has released every one of their studio albums since 1991's Blood Sugar Sex Magik, makes it a logical fit.
As Billboard points out, the deal for their catalogue is separate from the one they made with Hipgnosis Songs Fund in 2021, in which they sold their publishing rights for $150 million.
To make matters more confusing, today (May 11) Sony announced it has reached an agreement to acquire the complete music rights portfolio of Recognition Music Group, formerly known as Hipgnosis.
In addition to the Chili Peppers' music, that multi-billion dollar deal encompasses over 45,000 songs, including including Journey’s “Don’t Stop Believin’,” Fleetwood Mac’s “Go Your Own Way,” Beyoncé’s “Single Ladies (Put A Ring On It),” Bruno Mars’ “Locked Out of Heaven,” Leonard Cohen’s “Hallelujah,” Lady Gaga’s “Bad Romance,” Rihanna’s “Umbrella,” and Mariah Carey’s “All I Want For Christmas Is You."