Hipgnosis Music acquires Jimmy Iovine's expansive catalog for an undisclosed amount including his film production royalties from "8 Mile” and “Get Rich or Die Tryin’."
If you've been keeping up with the business side of the rap world in recent years, the name Hipnogsis Music probably popped up on your radar. In the last 2.5 years, they've spent upwards of $1.5B acquiring the catalogs of some of the biggest producers in the world. The latest being Jimmy Iovine. For 40+ years, Iovine has remained one of the most important and influential producers and businessmen in the music industry.
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Per Variety, Hipnogis Music has acquired Iovine's catalog of global production royalties for an undisclosed amount. The acquisition includes 259 songs, along with his production in film on Eminem's 8 Mile and 50 Cent's Get Rich Or Die Trying. Despite no confirmation on the payout for Iovine's catalog, there's no doubt that he got a big bag for it. That's decades worth of impactful records that Iovine has had a hand in creating.
“I’m happy that my work as a producer with so many great artists has found the right home with Merck and Hipgnosis," he said. "I am going to use the proceeds from the deal to help Iovine Young Academy’s initiative to build a high school in South LA as part of the Iovine Young Academy at USC and continue our efforts to support education.”
Back in 2013, Iovine and Dr. Dre donated $70M to the University of Southern California to launch the USC Jimmy Iovine and Andre Young Academy for Arts, Technology and the Business of Innovation.