Red Hot Chili Peppers have sold their recorded music catalogue to Warner Music Group in a deal worth more than $300 million. The transaction gives the label control over all master recordings from the band's output.
The deal was executed Friday and involves the band's 13 studio albums, including releases since 1991 when the group signed with Warner. Their catalogue generates roughly $26 million annually and had been on the market with an asking price near $350 million.
Britney Spears has sold her ownership share in her music catalog to Primary Wave, according to legal documents obtained by TMZ. The deal, described as a landmark agreement, was signed on December 30. Sources indicate she is happy with the sale and has been spending time with her children.
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Primary Wave is in advanced talks to buy Kobalt Music Group in a transaction valued over $1 billion, according to sources. The acquisition would combine Primary Wave's nearly $6 billion portfolio with Kobalt's assets to form an independent music powerhouse exceeding $7 billion. Kobalt, the world's largest independent music publisher, has grown under recent ownership and partnerships.
France's Canal+ Group has acquired a 51 percent majority stake in Italian film distributor and producer Lucky Red. The deal, valued at roughly $31 million, aims to foster European synergies without altering management. Lucky Red, founded in 1987, has distributed films by renowned directors and reported strong revenues in recent years.
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A Broadwood upright piano used by John Lennon to compose several Beatles songs has sold for a record-breaking $3.3 million at auction. The instrument, part of The Jim Irsay Collection, exceeded expectations and set a new benchmark for Beatles memorabilia. The sale also featured Ringo Starr's first drum kit, which fetched nearly $2.4 million.