Hipgnosis spends £1bn on legendary US record producer LA Reid’s back catalogue
Hipgnosis has bought legendary producer LA Reid’s back catalogue as part of a £1billion spending spree.
The songs trust led by Elton John’s ex-manager Merck Mercuriadis will own Reid’s 162-song catalogue.
And the 64-year-old – who co-wrote Queen Of The Night from The Bodyguard soundtrack with Whitney Houston and has been credited as a key player in the success of Justin Bieber, Kanye West and Rihanna – will join Hipgnosis’s board.
LA Reid co-wrote Queen Of The Night from The Bodyguard soundtrack with Whitney Houston (pictured) and has been a key player in the success of Justin Bieber, Kanye West and Rihanna
Mercuriadis, 57, said: ‘LA Reid has become so successful as a music executive that people often forget that he is an incomparable songwriter.’
Hipgnosis has raised more than £1billion since it launched in 2018 and owns more than 24,000 songs.
Investors have been wooed by strong returns of around 4.5 per cent and the promise that royalties will continue to flow even in a recession, since people do not stop listening to music in a downturn.