(Alliance News) - Hipgnosis Songs Fund Ltd on Thursday said it has acquired a catalogue from Andy Wallace, who is credited on albums with over 120 million sales worldwide.
The London-based song management company said Wallace started his career in the 1980s and quickly gathered recognition for mixing rock instrumentation with hip-hop stylings. In 1986, Wallace landed his first global hit, mixing and engineering Run DMC and Aerosmith's 'Walk This Way'.
Since this breakthrough, Wallace has been credited on a "diverse range of critically acclaimed and culturally defining albums", the fund said, including Nirvana's 'Nevermind', Jeff Buckley's 'Grace' and Coldplay's 'Viva la Vida'.
No financial details of the deal were disclosed. It covers 100% of Wallace's producer, mixer and performance royalties from 17,242 songs. They generated USD874,000 in revenue in 2020.
"I am delighted to establish this arrangement with Hipgnosis and Merck Mercuriadis with whom I've had a long and fruitful relationship, and I'm fully confident that this substantial body of my work will be in the best of hands moving forward," said Wallace.
Hipgnosis Songs Fund shares were trading 0.3% higher in London on Thursday at 121.54 pence each.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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Hipgnosis Song. (SONG)
