Following a similar move by fellow music veteran Bob Dylan, Neil Young has sold a share of his music publishing catalogue to the UK-listed intellectual property rights investor Hipgnosis Songs Fund.
In a deal worth an estimated £110 million, Hipgnosis have acquired 50% of the rights to 1,180 songs penned by Neil Young, including such classics as Heart of Gold, Rockin' in the Free World, Only Love Can Break Your Heart, Cinnamon Girl, and Hey Hey, My My (Into the Black).
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The lucrative deal comes a day after former Fleetwood Mac guitarist Lindsey Buckingham sold 100% rights to his 161-song music publishing catalogue to Hipgnosis for an undisclosed amount.
In December, Buckingham’s former Fleetwood Mac band mate Stevie Nicks sold 80% of her publishing rights to Primary Wave, a rival of Hipgnosis.
The Neil Young acquisition includes his entire 52-year solo and his work with Buffalo Springfield and Crosby, Stills, Nash & Young.
Speaking about the deal with Young, Hipgnosis founder Merck Mercuriadis said, "This is a deal that changes Hipgnosis forever. I bought my first Neil Young album aged seven. 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."
He added, "I built Hipgnosis to be a company Neil would want to be a part of. We have a common integrity, ethos and passion born out of a belief in music and these important songs.
"There will never be a 'Burger of Gold' (a reference to Young snubbing an offer in the 1970s to use Heart of Gold in a radio advertising campaign), but we will work together to make sure everyone gets to hear them on Neil's terms."
In June last year, Young released his 40th solo album Homegrown, which consists of songs recorded between June 1974 and January 1975.
In December, Universal Music Group bought 100% of Bob Dylan's 600-song catalogue in a deal estimated to be worth up to £340 million.