HarbourView Equity Partners has acquired a royalty income stream of select recorded music assets from Nelly, the hip-hop/R&B artist whose music has generated 27 million album consumption units in the United States since his first album was released back in 2000.
According to the company’s announcement, the deal includes some of Nelly’s most iconic tracks, including “Ride Wit Me,” “Dilemma” featuring Kelly Rowland and the smash hit “Hot in Herre.” Both “Hot in Herre” and “Dilemma” held the No. 1 spot on the Billboard Hot 100 for seven and 10 weeks, respectively.
While terms of the transaction were not disclosed, TMZ, which first reported on the deal, said that HarbourView was buying 50% of the royalty income stream and that the investment firm paid $50 million for that share. A HarbourView spokesman declined to comment on the specifics mentioned in the TMZ report.
“This catalog has made an incredible impact on generations of fans,” HarbourView founder/CEO Sherrese Clarke Soares said in a statement. “Works such as ‘Hot in Herre’ and ‘Shake Ya Tailfeather’ defined an era of music of a unique blend of hip-hop, R&B and country music that is undeniable. We are thrilled to add these influential pieces to our repertoire and work with the team to continue supporting the artistry within our ecosystem.”
In its two years in existence, HarbourView has aggressively built its portfolio, which now consists of a diversified catalog of approximately 20,000 songs across both master recordings and publishing income streams. A HarbourView-led consortium is among the bidders competing to buy a majority stake in BET Media Group from Paramount Global.
Besides producing big hits in R&B, hip-hop and pop, Nelly recently extended his musical repertoire to the country genre with Heartland, his eighth studio album.
“As artists, we put our heart and soul into each track and there comes a time when you consider preservation of that artistry,” Nelly said in a statement on the deal with HarbourView. “My music is my legacy which I want to last beyond me, continuing to make my existing fans happy while reaching new generations and new audiences. I am excited to partner with HarbourView to create opportunities for discovery of my music decades from now.”
Nelly was represented by Steven Shapiro of Davis Shapiro Lewit & Grabel LLP, according to the announcement.