L.A. Reid is making major behind the scenes moves. The record industry pioneer has reportedly sold the entirety of his future royalties and writer’s share of income on nearly 200 songs he owns. According to reports, Reid – who is responsible for careers including Mariah Carey, Kanye West and Rick Ross – joins a slew of high-profile entertainers giving up the rights to their music for an undisclosed amount of money. The low-key deal is reportedly for his 162-song catalogue.
The producer, songwriter and executive is the latest artist to sell the rights to his future royalties to the Hipgnosis Song Fund, which purchased them for an undisclosed sum. Reid has also been appointed to its advisory board. The fund was founded by music industry veteran Merck Mercuriadis, who before becoming an investor managed artists including Beyoncé, Elton John, Iron Maiden and Guns N’ Roses.A has since confirmed the huge deal is official. He also took pride in teaming up with music executive Merck Mercuriadis to have the songs preserved in the Hipgnosis Song Fund.
“I can’t imagine a better home for my lifetime of music and songs than Hipgnosis. Merck and his dream team truly value artists and their creative vision, and I couldn’t be more thrilled to partner with them for this exciting new chapter.”
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From 1988, Reid was the co-founder of LaFace records, which would go on to launch the careers of Pink, TLC, Outkast, Usher and more. From 2004 to 2011 he was chairman and CEO of The Island Def Jam Music Group.
His writing and production credits include tracks with the likes of Justin Bieber, Rihanna, Travis Scott, Mariah Carey and Whitney Houston.
In 2011 he was appointed chairman and CEO of Epic Records. He was forced to step down in 2017, following multiple accusations of sexual harassment against him.
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