Jimmy Iovine sells his entire production catalog.
Jimmy Iovine, the co-founder of Interscope Records, who started his career as a music producer and engineer, has sold his entire production catalog to Hipgnosis Songs.
Hipgnosis Songs has invested more than $1.5 billion in music catalogs in the past few years, and they now own 100% of Jimmy Iovine’s catalog, which also includes his film production royalties from Eminem’s “8 Mile” and 50 Cent’s “Get Rich or Die Tryin“. The terms of the deal were not disclosed.
“I’m happy that my work as a producer with so many great artists has found the right home with Merck and Hipgnosis. I am going to use the proceeds from the deal to help Iovine Young Academy’s initiative to build a high school in South LA as part of the Iovine Young Academy at USC and continue our efforts to support education,” says Iovine.
Iovine’s engineering career began when he was just 20 years old, with work on John Lennon’s “Walls & Bridges” and “Rock and Roll” albums, and continued with many hours spent on Bruce Springsteen’s famously demanding albums “Born to Run” and “Darkness on the Edge of Town.” Patti Smith’s top-selling album “Easter” gave him his break as a producer, and the Springsteen-cowritten “Because the Night” became a global smash single.
Check out the full details on Variety.
