Neil Young has sold 50% of the rights to his entire back catalogue in a landmark new deal.
Hipgnosis Songs Fund purchased 1,180 songs by the Canadian musician in a deal that is said to be worth an estimated $150 million (£110 million), according to the BBC.
“This is a deal that changes Hipgnosis forever,” Hipgnosis founder Merck Mercuriadis said of the Young deal. “I bought my first Neil Young album aged seven. ‘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 are known for turning royalties into a steady income stream – with the firm making money every time one of its songs is played on the radio or featured in a film/TV show.
“It now turns out logical for Hipgnosis to partner with Neil to ensure his incredible songs reach all corners of the earth,” Mercuriadis added.
“I built Hipgnosis to be a company Neil would want to be a part of. We have a common integrity, ethos and passion born out of a belief in music and these important songs. There will never be a ‘Burger Of Gold’ but we will work together to make sure everyone gets to hear them on Neil’s terms.”
Before creating Hipgnosis, Mercuriadis was known for managing some of the world’s biggest acts, including Beyoncé, Elton John, Iron Maiden and Guns ‘N’ Roses.
In December last year, Bob Dylan also struck a deal with Universal Music to sell his entire songwriting catalogue for a fee that is believed to be in the region of $300 million.