After floating on London’s main exchange Wednesday, Hipgnosis Songs Fund Limited announced it had purchased the majority stake in The-Dream’s catalog of music.
Billboard reports the newly launched investment firm paid $23 million to acquire 75 percent of The-Dream's 302-song catalog. This will, of course, include his own records as well as the slew of mega-hits he contributed to, such as Rihanna’s “Umbrella,” Beyoncé’s “Single Ladies,” and Mariah Carey’s “Touch My Body.” The-Dream will retain ownership of the remaining 25 percent.
Famed music manager Merck Mercuriadis—who has worked for acts like Bey, Guns N' Roses, and Elton John—founded Hipgnosis Songs Fund Limited in 2017, and raised $260 million prior to its IPO. Mercuriadis will reportedly use that money to purchase the copyrights for various hit songs.
As part of the deal, The-Dream will join the firm’s advisory board alongside industry heavy-hitters like Nile Rodgers, Lava Records CEO Jason Flom, manager Ian Montone, and more.
“I'm proud to be part of this beautiful venture,” The-Dream told Billboard about the acquisition. “Merck sees me as I see myself. In making this decision I said to Merck, ‘I need a Jimmy Iovine in my life,’ not just to nurture my songs, but to also help solidify the legacy I seek for myself and my songs even after I'm gone, for my children, and beyond. His reply was simply, ‘I got it!’”