Red Hot Chili Peppers seek $350 million for music rights

According to reports, Red Hot Chili Peppers are searching for yet another large payout. According to Billboard, the legendary Californian funk rock group is presently selling the master rights to all thirteen of their studio albums in addition to additional projects released under the Warner Music label. With the band’s repertoire generating an estimated $26 million a year, Billboard reports that the group is seeking $350 million for those rights. Additionally, Warner Music Group appears to be in the lead to acquire the rights, according to Billboard. Although those albums are a little less coveted and bring in an estimated $1 million annually, it’s unclear if the band’s first four EMI albums are also up for sale. Red Hot Chili Peppers sold the Hipgnosis Songs Fund their publishing rights back in 2012 for a hefty $140-$150 million. The band had sold more than 60 million albums globally by that time.