Jimmy Iovine Has Sold His Production Catalog

Hipgnosis Songs has acquired 100 percent of the royalties for Jimmy Iovine's 259 song production catalog.

That includes tracks from Eminem and 50 Cent, as well as songs from rock legends like Bruce Springsteen, U2, Stevie Nicks, and Tom Petty.

The terms of the deal haven't been disclosed. 

Hipgnosis is in the midst of a $1.5 billion spending spree and have also bought up the catalogs of producers like The-Dream and Timbaland.

"I’m happy that my work as a producer with so many great artists has found the right home with Merck and Hipgnosis. I am going to use the proceeds from the deal to help Iovine Young Academy’s initiative to build a high school in South LA as part of the Iovine Young Academy at USC and continue our efforts to support education," Iovine said of thw sale.

Iovine and Dr. Dre famously sold Beats Audio to Apple Music in 2014 for $2.6 billion in cash and $400 million in stocks.