L.A. Reid has sold off 100 per cent of his publishing interests and writer’s share of income on the entirety of his 162-song catalogue.
The producer, songwriter and executive is the latest artist to sell the rights to his future royalties to the Hipgnosis Song Fund, which purchased them for an undisclosed sum. Reid has also been appointed to its advisory board.
The Hipgnosis Songs Fund, which has been listed on the London Stock Exchange since July 2018, allows investors to see an income from music royalties.
Reid said of the deal: “I can’t imagine a better home for my lifetime of music and songs than Hipgnosis. Merck and his dream team truly value artists and their creative vision, and I couldn’t be more thrilled to partner with them for this exciting new chapter.”
From 1988, Reid was the co-founder of LaFace records, which would go on to launch the careers of Pink, TLC, Outkast, Usher and more. From 2004 to 2011 he was chairman and CEO of The Island Def Jam Music Group.
In 2011 he was appointed chairman and CEO of Epic Records. He was forced to step down in 2017, following multiple accusations of sexual harassment against him.
A number of other high-profile industry figures have made deals with Hipgnosis this year. In January, Tom DeLonge sold his copyright to Blink-182‘s back catalogue, while Blondie‘s Debbie Harry and Chris Stein sold their rights to the band’s royalties in August.
They were followed by Wu-Tang Clan‘s RZA, who sold 50 per cent of his songwriting and production credits this summer.