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The Red Hot Chili Peppers have sold the rights to their recorded catalog to Warner Music Group in a deal worth over $300 million. This acquisition was made through WMG's joint venture with Bain Capital, representing a significant portion of the JV's reported spending. The band's catalog includes hits like "Californication" and "Under the Bridge," making them one of the biggest rock bands of all time. This deal follows the band's previous sale of their publishing catalog in 2021 and comes amidst a trend of major labels partnering with outside investors to acquire music rights.
Source: Hollywood Reporter