Folk-rock superstar Neil Young has sold a 50% stake in his song catalog to investment company Hipgnosis for an estimated $150 million.
The deal covers copyright and income interests from 1,180 songs, Hipgnosis said in a statement on Wednesday.
Young is the latest in a series of artists to strike rights deals as streaming helps boost the value of back catalogs. Industry experts estimate the deal is worth around $150 million, specialist publication Music Business Worldwide reports.
Young became a household name in the 1960s, both as a solo artist and as part of bands such as Buffalo Springfield, Crazy Horse and Crosby, Stills, Nash & Young.
The influential songwriter has released almost 50 studio albums and is a two-time member of the Rock & Roll Hall of Fame, as a solo artist and as a member of Buffalo Springfield.
“This is a deal that changes Hipgnosis forever,” said Hipgnosis founder Merck Mercuriadis, who wrote in the statement of his longstanding love of Young’s music.
“I bought my first Neil Young album aged 7. ‘Harvest’ was my companion and I know every note, every word, every pause and silence intimately. Neil Young, or at least his music, has been my friend and constant ever since.”
Hipgnosis has bought the rights to thousands of songs following its initial public offering. The company, which is listed in London, says it gives investors “a pure-play exposure to songs and associated musical intellectual property rights.”
Before setting up Hipgnosis, Mercuriadis managed artists including Elton John, Guns N’ Roses, Morrissey, Iron Maiden and Beyoncé.
On Tuesday, the company said it had completed a deal that means it now owns 100% of the music publishing rights to the entire catalog of Lindsey Buckingham, lead guitarist and vocalist of Fleetwood Mac, and 50% of the rights to unreleased compositions.
And on Monday, Hipgnosis announced a deal for 100% of worldwide producer royalties for influential record producer Jimmy Iovine’s catalog of 259 songs, as well as his film production royalties for Eminem’s “8 Mile” and 50 Cent’s “Get Rich or Die Tryin’.”
Last month, Bob Dylan sold his entire catalog, which encompasses more than 600 songs over 60 years, to Universal Music Publishing Group.
The deal was a major shift for the singer and songwriter, who has controlled much of his own intellectual property, according to multiple reports. The financial terms of the sale weren’t disclosed, but the New York Times said it was estimated at more than $300 million.
