The investment firm HarbourView Equity Partners acquired a portion of Nelly's music catalog for a reported $50 million.
According to Variety, the two sides agreed to a partnership in which the company bought "select" recorded-music assets from Nelly. TMZ says the rapper received $50M as part of the deal, which reportedly entails half of his work, including hits as "Hot in Herre" and the Kelly Rowland-assisted "Dilemma."
"As artists, we put our heart and soul into each track and there comes a time when you consider preservation of that artistry," Nelly said in a statement. "My music is my legacy which I want to last beyond me, continuing to make my existing fans happy while reaching new generations and new audiences. I am excited to partner with HarbourView to create opportunities for discovery of my music decades from now."
Nelly received two Grammys for the aforementioned songs in Best Male Rap Solo Performance and Best Rap/Sung Collaboration in 2003. He received another Grammy for "Shake Ya Tailfeather" the following year.
The St. Louis native becomes the latest artist to sell their catalog (or a portion of it). Logic just made an eight-figure deal. Dr. Dre will reportedly receive $10 million per year after reaching a $200 million-plus deal with Shamrock Capital and Universal Music Group in January. Shamrock bought a portion of Metro Boomin's publishing catalog for nearly $70 million two months later.
