The band will still own an interest in their assets to participate in the upside Iconic expects to create by actively marketing and promoting the Beach Boys, according to a statement. No further details of the deal have been disclosed.
Neil Young Sells 50% of his Catalogue For $150 million
Neil Young has sold 50 per cent of his music catalogue said to be worth an estimated $150 million (£UK110 million/$AU192 million).
Young is the latest artist to sign a lucrative deal with Hipgnosis Songs Fund, following their recent acquisition of 100 per cent of former Fleetwood Mac musician Lindsey Buckingham’s entire music collection and producer Jimmy Iovine’s producer royalties.
Half of Neil’s music collection amounts to 1,180 songs.
The firm’s founder, Merck Mercuriadis, said: “This is a deal that changes Hipgnosis forever.
“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.