Neil Young has become the latest musician to strike gold with his song catalog, selling a 50% stake in his music to a British investment company in a deal announced on Wednesday.
The Hipgnosis Songs Fund said it had acquired half of the copyright and income interests in some 1,180 songs written by the 75-year-old Rock & Roll Hall of Famer, composer of "Heart of Gold," "Rockin' in the Free World" and "Cinnamon Girl."
Terms were not disclosed.
The deal comes a month after Bob Dylan sold publishing rights to more than 600 songs to the Universal Music Publishing Group for a reported fortune of between $300 million and a half-billion dollars. Stevie Nicks sold an 80% stake in her music to Primary Wave for a reported $100 million.
Merck Mercuriadis, founder of Hipgnosis Songs Fund Limited, said that he bought his first Neil Young album when he was 7 years old.
"'Harvest' was my companion and I know every note, every word, every pause and silence intimately," he said. "Neil Young, or at least his music, has been my friend . . . ever since."
The businessman also said Young's late manager, Elliot Roberts, was equally an idol to him.
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