Grammy award winner Nelly Furtado is set to become the next artist to cash in her back catalogue of hits.
According to reports from Mark Kleinman for Sky News, Furtado is on the brink of securing the deal with Hipgnosis Song Management and Blackstone, which would include top hits like I’m Like A Bird and Promiscuous.
It is understood that the noughties’ icon will fetch around $50m for her music, but Hipgnosis Song Management is yet to confirm the news.
Hipgnosis agreed a partnership with Blackstone last year, which gave the fund an ownership stake in Merck Mercuriadis fund.
“This new partnership with Blackstone will deliver financial strength to invest in proven songs as well as grow our song management team and bring additional sophistication to HSM, enabling us to create greater value to our stakeholders including our songwriters and shareholders,” Mercuriadis said at the time.
Blackstone has since snapped up Leonard Cohen’s tunes last month and comes alongside a wider industry trend of artists selling their old music.