Industry icon Jimmy Iovine is the latest to have sold his music catalog to Hipgnosis Songs Fund.
Billboard reports Iovine, who co-founded Interscope Records and Beats Electronics, is the latest to come to an agreement with the company, adding to its collection of legendary catalogs.
Hipgnosis now has 100% of Iovine’s worldwide producer royalties, which includes 259 songs and film production royalties for 8 Mile and Get Rich or Die Tryin’.
In a statement, Iovine stated he will use proceeds from the deal to build a high school in South Los Angeles as a segment of the University of Southern California Iovine and Young Academy. “I’m happy that my work as a producer with so many great artists has found the right home,” Iovine added.
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