AceShowbiz - The Red Hot Chili Peppers have finalized a major deal, selling their recorded music catalog to Warner Music Group for a sum exceeding $300 million.

This transaction comes five years after the band sold their publishing rights in a $150 million agreement. The recent sale includes the band’s extensive recorded output, which consists of 13 studio albums. Notably, the last nine albums were released through Warner Music Group, which likely contributed to the catalog’s increased value, more than doubling the previous deal’s worth.

The acquisition of Red Hot Chili Peppers' catalog is part of a larger investment involving Warner Music Group and Bain Capital. This joint venture has secured music and publishing rights valued at approximately $650 million in total. The Red Hot Chili Peppers deal accounts for half of this amount, with details on the remaining purchases yet to be disclosed.

Back in May 2015, the band sold their publishing rights to Hipgnosis Songs Fund for roughly $150 million. According to reports from The Hollywood Reporter, those publishing rights might change hands again, as Hipgnosis — now operating under the name Recognition Music Group — is currently being acquired by Sony Music as part of a multi-billion dollar transaction.

This latest sale marks a significant milestone in the business dealings of the Red Hot Chili Peppers, reflecting the enduring value of their music catalog in today’s marketplace.