The Red Hot Chili Peppers have reportedly sold their recorded music catalogue to Warner Music Group in a deal worth more than $300 million.
According to the Hollywood Reporter, Warner Music’s deal for the rock catalogue was made through the major’s joint venture with Bain Capital.
The $1.2 billion acquisition fund with Bain Capital was unveiled last summer.
In the latest Warner Music Group earnings report, the company reported that it has so far spent $650m on catalogues since the JV was established.
Speaking on an earnings call earlier this year, CFO Armin Zerza said: “As we have said in the past, we are using M&A as an accelerant with a focus on high-quality, accretive catalogue acquisitions. We have a robust and growing pipeline of opportunities, which has led us to increase the capacity of our joint venture with Bain.”
In the UK, Red Hot Chili Peppers charted at No.1 in 2022 with Unlimited Love and No.2 with Return Of The Dream Canteen six months later.
The band have had a long relationship with Warner Records over more than three decades.
Warner has not commented on the report.
