The Chainsmokers’ writer and publishing rights have been acquired by the fast-growing Hipgnosis Songs and its investment adviser, The Family (Music) Limited, for an undisclosed amount, the company announced today.
The company has acquired 100% of the Chainsmokers’ interest in 32 of the duo’s songs, including ASCAP (American Society of Composers, Authors and Publishers) income in their catalogue. The deal also includes 10 additional songs written by the group’s Andrew Taggart, including “1-800-273-8255” by Logic (featuring Alessia Cara and Khalid). The deal includes several global smash singles — the Chainsmokers are the 14 th most streamed artist in the world on Spotify, according to the announcement — including “Closer” (featuring Halsey), “Don’t Let Me Down” (featuring Daya), “Roses,” “Until You Were Gone” and others. The Chainsmokers were represented in the deal by manager Adam Alpert and attorney Jaimie Roberts.
Hipgnosis debuted on the London Stock Exchange in July of last year and has been on an aggressive song-buying spree ever since, acquiring full or partial stakes in the catalogs of many songwriters who have enjoyed multiple global hits, including Benny Blanco, Eurythmics’ Dave Stewart, The-Dream, Tricky Stewart, Poo Bear, the late Chic co-founder Bernard Edwards, Johnta Austin and Sean Garrett. It raised some $260 million for its initial IPO, spent it all on acquisitions and raised another $185 million earlier this year.
Merck Mercuriadis, founder of The Family (Music) Limited and Hipgnosis Songs Fund Limited, said, “The Chainsmokers are the highest paid duo in the world not only because they know how to spin records better than anyone else, but because they have created amongst the very biggest hits in the world for the dance and pop community over the last seven years. This is a set of songs that people can’t stop playing and that will define the lives of so many people that have grown up in the 2010’s. It’s my pleasure to welcome Alex, Drew and Adam to the Hipgnosis Family!”