Another day, another catalog play – or plays, to be precise. HarbourView Equity Partners has reportedly acquired half of Nelly’s music IP in a $50 million deal and signed a separate agreement that includes Wiz Khalifa’s professional efforts.
News of Nelly’s investment in the song rights only recently surfaced in early reports from Variety and (curiously) TMZ, as well as at a formal event release; ApolloHarbourView, which he backed, emailed Digital Music News today about the recent deal with Wiz Khalifa.
TMZ (which Variety quoted in its article) stated that Newark-based HarbourView had “closed a $50 million deal for 50% ownership” of Nelly’s “entire catalogue.” Meanwhile, the company itself said it had agreed to acquire “selected recorded assets” from the 48-year-old.
These “select recorded assets” span a number of well-known releases from the three-time Grammy winner, including “Ride Wit Me,” “Dilemma” and “Hot in Herre,” according to the buyer. Nelly addressed the union in a statement, expressing a desire to help his music reach new generations of fans over the long term.
“As artists, we put our heart and soul into every track, and there comes a time when you think about preserving that artistry,” shared the Austin, Texas native. “My music is my legacy that I want to live on beyond myself by continuing to make my existing fans happy while reaching new generations and audiences. I’m excited to partner with HarbourView to create opportunities for discovery of my music decades from now.”
Regarding the agreement, which covers certain of Wiz Khalifa’s projects, HarbourView told DMN that the transaction includes “select recorded music and publishing assets,” including works such as “See You Again” and “Black and Yellow.”
Commenting on her company’s collaboration with 35-year-old Khalifa, Sherrese Clarke Soares, Founder and CEO of HarbourView, who previously founded and ran Tempo Music, said: “Wiz Khalifa is a musician, executive and media visionary and creative force. We celebrate his talent and creativity and are excited to welcome him and Taylor Gang to the HarbourView family today.”
And in his own remarks, 10-time Grammy nominee Khalifa said, “Sherrese and HarbourView truly understand the value of music and art. We look forward to working with them as they continue to build a vibrant media company that aligns with the values and purpose we all share here at Taylor Gang.”
Last year HarbourView announced investments in the Luis Fonsi, Brad Paisley, Lady A and Florida Georgia Line catalogues.