Hipgnosis has acquired the songwriting catalogue of Richie Sambora, Bon Jovi’s lead guitarist and co-writer.
The music rights firm has seen its share price surge in the past few weeks, as investments in songs are seen as a safe bet amid the current coronavirus epidemic.
Bon Jovi have sold more than 130 million records worldwide. The 1986 album Slippery When Wet has shifted 28 million copies.
The band have 15,669,370 monthly listeners on Spotify.
Sambora has released three solo albums, which have sold more than two million copies worldwide. He also penned No.1 country songs for Jennifer Nettles and Leann Rimes, as well as co-writing Cher’s 1987 comeback album Cher and 1989’s Heart Of Stone.
Sambora and Jon Bon Jovi were inducted into the Songwriters Hall of Fame in 2009 and the Rock and Roll Hall of Fame in 2018. The band received the Award of Merit at the American Music Awards in 2004 and have been nominated for more than 50 awards all over the world, including 10 Grammy Awards.
Hipgnosis has acquired 100% of Richie Sambora’s publishing and writer’s share royalties in his catalogue, which comprises 186 songs.
Merck Mercuriadis, founder of The Family (Music) Limited and Hipgnosis Songs Fund Limited, said: “In uncertain times such as this you are reminded of the power of great songs and great music and amongst the greatest set of songs of the last 35 years are the incomparable songs Richie Sambora co-wrote for Bon Jovi and other great artists. He’s a musician’s musician and a songwriter’s songwriter and is one of the very precious few that is an inductee of both the Songwriters Hall of Fame and the Rock and Roll Hall of Fame. I am delighted to welcome Richie to the Hipgnosis family and look forward to working closely with him for many years to come on this elite set of songs.”
Sambora said: “I’m very privileged to have had the incredible success I have achieved as a songwriter and artist to date. These songs are very important to me and I feel very strongly that Merck is the only person I could have entrusted my babies to. I believe the work he is doing that has transformed the way that the world looks at the power of great songs and the songwriting community is very special. I look forward to working with him and his Hipgnosis team to deliver more success for all of us.”
Sambora was represented in the sale by his longtime lawyer Michael Guido at Carroll, Guido & Groffman Cohen Bar & Karalian, LLP.