Per reports from Variety Magazine, the Grammy Award-winning hitmaker L.A. Reid has followed in the steps of a couple of other super producers. He has sold all his 162-song writing and publishing catalogue that has made him a household name.
Reid sells his entire catalogue to Hipgnosis Songs Fund, the company which reportedly bought some of RZA and No I. D’s publishing catalogue. He has also been appointed to its advisory board.
The Hipgnosis Songs Fund has been listed on the London Stock Exchange since July 2018, allowing investors to see an income from music royalties.
Several high-profile industry figures have also made deals with Hipgnosis. These include;
Tom DeLonge who sold his copyright to Blink-182’s back catalogue, Blondie’s Debbie Harry and Chris Stein sold their rights to the band’s royalties, Wu-Tang Clan’s RZA sold 50% of his songwriting and production credits.
Speaking on his decision Reid said, “I can’t imagine a better home for my lifetime of music and songs than Hipgnosis. Merck and his dream team truly value artists and their creative vision, and I couldn’t be more thrilled to partner with them for this exciting new chapter.”
Reid was the co-founder of LaFace records from 1988, which went on to launch the careers of Pink, TLC, Outkast, Usher and more. And from 2004 to 2011 he was chairman and CEO of The Island Def Jam Music Group.
His writing and production credits include tracks with the likes of Justin Bieber, Rihanna, Travis Scott, Mariah Carey and Whitney Houston.