NEIL YOUNG SELLS 50% OF HIS SONG CATALOG TO HIPGNOSIS

Folk-rock superstar Neil Young has sold a 50% stake in his song catalog to investment company Hipgnosis for an estimated $150 million, Jack Guy reported for CNN Business.

The deal covers copyright and income interests from 1,180 songs, Hipgnosis said in a statement.

Young is the latest in a series of artists to strike rights deals as streaming helps boost the value of back catalogs. Industry experts estimate the deal is worth around $150 million, specialist publication Music Business Worldwide reports.

Young became a household name in the 1960s, both as a solo artist and as part of bands such as Buffalo Springfield, Crazy Horse and Crosby, Stills, Nash & Young. The influential songwriter has released almost 50 studio albums and is a two-time member of the Rock & Roll Hall of Fame, as a solo artist and as a member of Buffalo Springfield.

Last month, Bob Dylan sold his entire catalog, which encompasses more than 600 songs over 60 years, to Universal Music Publishing Group. The deal was a major shift for the singer and songwriter, who has controlled much of his own intellectual property, according to multiple reports.

The financial terms of the sale weren't disclosed, but the New York Times said it was estimated at more than $300 million.

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