Earlier this week, music IP investment and song management company Hipgnosis Songs Fund became 100% owner of the music catalog belonging to legendary producer and Interscope Records founder Jimmy Iovine.
“I’m happy that my work as a producer with so many great artists has found the right home,” Iovine said of the deal in a statement. His catalog’s sale included over 250 songs and the production royalties for two movies he co-produced, 8 Mile and Get Rich or Die Tryin’, each starring protégés Eminem and 50 Cent, respectively.
Hipgnosis CEO Merck Mercuriadis said, “[…] I have been glued to everything Jimmy does ever since. His incomparable success with Interscope and Beats means that he would never have to make a deal for money again, but leave it to Jimmy to figure out the most efficient way possible to use his producer royalties to build a best-in-class high school in the inner city and once again make a massive difference, as he has throughout his life. It’s an honor to now be a custodian of his incredible work on these iconic albums, and I’m very happy to welcome him to the Hipgnosis family.”
Although the financial terms still remain undisclosed, a portion of the proceeds will go towards building a high school in South Los Angeles, in conjunction with the Iovine and Young Academy, the University of Southern California undergraduate program he co-founded with iconic music mogul and friend Dr. Dre in 2013.
Apparently, this may be the start of some kind of trend in the music industry. In June of last year, Lil Wayne sold all of his rights to the Young Money masters, and that catalog includes hit songs from him, Drake, and Nicki Minaj as well. His deal with Universal Music Group was to the tune of more than $100 million,