Neil Young sells 50% stake in his music catalog for $150 Million

Music icon Neil Young has sold a 50 percent stake in his music catalog for a reported $150 million to U.K. IP investment firm Hipgnosis.

The deal covers copyright and income interests from 1,180 of Young's songs, Hipgnosis said in a statement.

Young is one of the 20th century's most acclaimed singer-songwriters, having written or co-written numerous hit songs as both a solo artist and as a member of influential folk-rock bands Buffalo Springfield, Crazy Horse and Crosby, Stills, Nash & Young. He has released nearly 50 studio albums since the 1960s.

"This is a deal that changes Hipgnosis forever," said company founder Merck Mercuriadis in a statement. "I bought my first Neil Young album aged 7. Harvest was my companion and I know every note, every word, every pause and silence intimately. Neil Young, or at least his music, has been my friend and constant ever since."

Hipgnosis has been a major player in the music IP space in recent years.

News of the two-time Rock and Roll Hall of Famer Young's deal with Hipgnosis comes just days after celebrated rock/pop/hip-hop producer Jimmy Iovine and former Fleetwood Mac singer/guitarist Lindsey Buckingham sold the entirety of their catalog rights to the company.

In December, Bob Dylan sold his entire catalog to Universal Music Publishing Group for more than $300 million. It was later reported that Dylan had turned down an even richer offer from Hipgnosis before signing with Universal.

This article was first published on iheart.com and is republished here with permission