Californian funk rockers Red Hot Chili Peppers have decided to sell a large wedge of their discography over to the Hipgnosis Songs Fund in a publishing deal worth $150 million.
This decision follows in the footsteps of artists such as Bob Dylan, The Beach Boys, Jay-Z and Beyonce, who have also sold off a number of their hits.
Although it is unclear whether the final deal has been signed, the songs to be traded include their hit singles Californication, Snow (Hey Oh) and Give It Away.
Earlier this year, publishing giants Hipgnosis also acquired the entirety of Shakira’s catalogue, totalling at 145 songs — titles that have made her the bestselling female Latin artist of all time.
In other Chili Peppers news, the band have recently re-entered the studio to record new material which will stand as their first album since 2016’s The Getaway. The venture follows guitarist John Frusciante's return to the band in December 2019, and the end of a 10 year professional relationship with guitarist Josh Klinghoffer.
When asked what fans can expect from the new album, drummer Chad Smith said: “we're making a record, we're making new music, and it's very exciting. I don't know when it's coming out, but we can't wait for people to hear it, and we can't wait to perform for people. Just like everybody else that really misses that experience."
Smith has also been busy in the studio recording the latest Ozzy Osbourne album alongside Taylor Hawkins from Foo Fighters and Metallica’s Robert Trujillo. This will follow on from Ozzy’s last solo album in 2019 Ordinary Man, which Smith also worked on.