Hipgnosis acquires music catalogue of Grammy winner RedOne
Intellectual property investor Hipgnosis Songs Fund said it had bought the music catalogue of Grammy-winning producer and songwriter RedOne.
Hipgnosis called RedOne one of "most successful songwriters are record producers of the last 15 years", having co-written or produced songs and albums for the likes of Lady Gaga, Jennifer Lopez, One Direction, Shakira, Enrique Iglesias, Marc Anthony, Jason Derulo and Nicki Minaj.
The FTSE 250-listed outfit acquired 100% of RedOne's songs and recorded music interests including copyright, writer royalties and producer royalties in his catalogue of 337 tracks.
Hipgnosis founder Merck Mercuriadis said: "Lady Gaga and RedOne represent one of the greatest producer/artist songwriting relationships of all time.
"They single-handedly put electronic dance music on the radio and changed the sound of pop music for more than a decade with evergreen songs like Just Dance, Poker Face, Bad Romance, Alejandro and Judas."
As of 0820 BST, Hipgnosis shares were down 1.04% at 118.75p.