4th Jan 2021 09:38
(Alliance News) - Hipgnosis Songs Fund Ltd on Monday said it has acquired the music catalogue of Jimmy Iovine, a record producer who mainly worked during the 1970s and 1980s, for an undisclosed amount.
The British Guernsey-registered music royalty investment company said it had bought 100% of Iovine's worldwide producer royalties, comprising 259 songs and his film production royalties for the films 8 Mile and Get Rich or Die Tryin'.
Iovine has produced records for artists such as Tom Petty & the Heartbreakers, Dire Straits and Stevie Knicks, and more recently, Lady Gaga, Black Eyed Peas and Nine Inch Nails. He also helped to develop the careers of US rappers Tupac, Dr Dre and Eminem, as well as co-founding Beats Electronics and Beats Music with Dr Dre, which was sold to Apple Inc in 2016 for USD3 billion.
Iovine said: "I'm happy that my work as a producer with so many great artists has found the right home with Merck [Mercuriadis, founder of Hipgnosis] and Hipgnosis. I am going to use the proceeds from the deal to help Iovine Young Academy's initiative to build a high school in South Los Angeles as part of the Iovine Young Academy at University of Southern California and continue our efforts to support education."
Shares in Hipgnosis were down 0.2% at 123.25 pence in London on Monday.
By Zoe Wickens; [email protected]
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