The Red Hot Chili Peppers have sold their recorded music catalog to Warner Music Group in a deal worth more than $300 million.
Five years after the band sold their publishing rights in a $150 million deal, the Peppers’ recorded output — which spans 13 studio albums, the last nine of which were released via Warner — more than doubled that price in a deal that was executed Friday, The Hollywood Reporter and Billboard reported.
The purchase of the Chili Peppers’ catalog was part of a bigger deal involving WMG and Bain Capital, a joint venture that has so far acquired $650 worth of music and publishing rights; the RHCP deal makes up half of that purchase, with the remaining spending currently unknown, Billboard writes.
In May 2015, the Red Hot Chili Peppers sold their publishing rights to Hipgnosis Songs Fund for around $150 million; according to The Hollywood Reporter, those publishing rights might change ownership again as Hipgnosis (now known as Recognition Music Group) is in the process of being acquired by Sony Music as part of a multi-billion dollar deal.
The Chili Peppers’ recorded catalog, which generates around $26 million annually and was owned by the group, had been on the market since last year with a roughly $350 million price tag, Billboard previously reported. WMG was a logical buyer, as the label has been home to the band since 1991’s Blood Sugar Sex Magik. The group’s first four LPs were put out via EMI.
The Red Hot Chili Peppers last released Unlimited Love and its fast follow-up Return of the Dream Canteen in 2022. The band and WMG have no yet commented on the catalog acquisition.
The This article was originally published on rollingstone.com.
