The band will now give up control of all of their master recordings to the label, with whom they have been signed since 1991’s ‘Blood Sugar Sex Magik’, allowing Warners to collect all future income generated by streaming, radio play, sales and licensing. (NME)
It follows on from a previous deal that the band struck with Hipgnosis – who now go by Recognition Music Group – to sell the publishing rights to their music for a reported $140million (£102million).
According to The Hollywood Reporter, the new deal has reportedly been financed through a joint venture between Warner Music Group and the investment firm Bain Capital, which launched a $1.2billion (£880million) fund last year to acquire high-profile music catalogues.
