Red Hot Chili Peppers have struck one of the biggest rock deals of the year after offloading their full recorded music catalogue to Warner Music Group for a reported £240 million ($300 million).
According to Billboard, the band’s entire body of recorded work is included in the sale, covering 13 studio albums and decades of hits that continue to pull in huge streaming numbers.
The catalogue is said to bring in around $26 million a year, making it one of the most valuable in modern rock.
Anthony Kiedis and co had been shopping the rights around after taking ownership of their recordings last year, with talk they were hoping to land closer to $350 million.
In the end, Warner stepped up with the winning offer, which makes sense given the label originally released some of the band’s biggest albums, including Blood Sugar Sex Magik and Californication.
This blockbuster deal is separate from the Chili Peppers’ earlier sale in 2015, when Hipgnosis Songs Fund snapped up their publishing rights for roughly $150 million.
Those rights could soon be on the move again, as Sony Music is currently in talks to buy Hipgnosis — now renamed Recognition Music Group – in a multi-billion-pound takeover that would shift control of hundreds of major catalogues.
The new agreement puts the band among the growing list of rock giants cashing in on their legacies.
The band have a new album in the works, following 2022’s back-to-back records Unlimited Love and Return of the Dream Canteen.
Speaking to MOJO magazine, bassist Flea revealed that he and guitarist John Frusciante have been deep in writing sessions, working from the latter’s home studio and chasing that unmistakable Chili Peppers spark.
He said: “We’ve been writing and recording at John’s place, and the music feels great.
“Once we start playing, it’s all about finding that magic groove and doing it right.”
