Music industry veteran LA Reid has officially sold all his music rights, MTO News has learned.
The veteran music executive is making headlines with some surprising news. The 64-year old record executive has reportedly sold 100% of his 162-song writing and publishing catalog to Hipgnosis Songs and its Investment adviser, The Family (Music) Limited for an undisclosed amount.
And there's more. L.A. Reid will reportedly be joining the company’s Advisory Board.
L.A. will continue to run Hitco Entertainment, which he co-founded with Charles Goldstuck in 2018.
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Hipgnosis Songs has been buying catalogs from hitmakers like Timbaland, The Dream, Sean Garrett, Jack Antonoff and Jeff Bhasker. Between March 2019 and March 2020, the company spent nearly $700 million to acquire 42 catalogs. L.A. Reid’s songwriting and producing catalog includes records from, Boyz II Men, TLC, Toni Braxton, Bobby Brown, Whitney Houston, and more.
What do you guys think? Was LA Reid's selling of his catalog smart business move??