Folk-rock artist Neil Young sells 50% stake of his songs for estimated $150 million

Legendary folk-rock artist Neil Young sold 50% of his song catalog to investment company Hipgnosis for an estimated $150 million in a deal that covers copyright and income interests from 1,180 of his songs, reported CNN, quoting a statement from the company. 

Young was a member of bands such as Buffalo Springfield, Crazy Horse and Crosby, Stills, Nash and Young. He also became a household name in the 1960s as a solo artist.

Hipgnosis founder Merck Mercuriadis said, “This is a deal that changes Hipgnosis forever. I bought my first Neil Young album aged 7. ‘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.”

Also read: ‘Most important’ publishing agreement: Universal Music acquires Bob Dylan’s entire catalogue

Mercuriadis has a history of managing artists such as Elton John, Guns N’ Roses, Morrissey, Iron Maiden and Beyoncé, before setting up Hipgnosis.

A two-time member of the ‘Rock & Roll Hall of Fame,’ Young has released almost 50 studio albums in his career. He is now the latest addition to a list of artists who have made such deals as streaming helps with backlogs.

Bob Dylan announced last week that he sold his entire songs catalog of more than 600 songs over 60 years, to Universal Music Publishing Group.