The Red Hot Chili Peppers have sold the rights to their recorded catalog to Warner Music Group in a deal worth more than $300 million.
Warner Music Group is a natural choice for the Chili Peppers to sell to given that the band has been signed to flagship label Warner Records since the early ’90s.
WMG first announced its $1.2 billion joint venture catalog acquisition vehicle with Bain last July and reported in its May 7 earnings report that they’d spent $650 million on catalogs since the JV’s launch.
The Chili Peppers deal represents close to half of the JV’s reported spending, though it’s currently unclear what the rest has gone toward.
The Chili Peppers previously sold their publishing rights to Hipgnosis in a $140 million deal in 2021.
