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(Alliance News) - Music catalogue investment firm Hipgnosis Songs Fund Ltd on Monday said it has bought the music catalogue of Richie Sambora for an undisclosed sum.
Among the catalogue acquired from the Bon Jovi lead guitarist are the albums Slippery When Wet, New Jersey, and Crush. Richie Sambora also co-wrote Cher's 1987 platinum certified comeback album "Cher" as well as its 1989 follow-up "Heart Of Stone".
Hipgnosis has acquired 100% of Richie Sambora's publishing and writer's share royalties in his catalogue, comprising 186 songs.
Merck Mercuriadis, founder of Hipgnosis, said: "In uncertain times such as this you are reminded of the power of great songs and great music and amongst the greatest set of songs of the last 35 years are the incomparable songs Richie Sambora co-wrote for Bon Jovi and other great artists. I am delighted to welcome Richie to the Hipgnosis family and look forward to working closely with him for many years to come on this elite set of songs."
Shares in Hipgnosis, recently promoted to the FTSE 250, were 1.9% lower at 104.00 pence each on Friday morning in London.
By Ife Taiwo; ifetaiwo@alliancenews.com
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