The two-time Grammy winner also co-wrote and co-produced Nelly Furtado’s 2006 album Loose, the singer’s first studio set to top the Billboard 200, which went on to sell more than 12 million copies worldwide. The album spawned two U.S. No. 1 singles: “Promiscuous” and “Say It Right.”
Also included in the deal are songs Timbaland’s produced for Aaliyah, Jay-Z, 50 Cent, Madonna, Tupac Shakur, Rihanna, OneRepublic and Drake, as well as his solo work, including 2007’s LP Shock Value, which contained the U.S. No. 1 “Give It to Me” featuring Nelly Furtado and Justin Timberlake.
Terms were not disclosed for the deal, which Hipgnosis says covers 108 albums and songs. Paying tribute to Timbaland, Mercuriadis said his “records with Aaliyah, Jay-Z, Missy Elliot, Nelly Furtado and Justin Timberlake, amongst many others, are iconic and will be remembered forever.”
“Merck is a visionary who I know appreciates the value of my musical life work,” said Timbaland in a statement, adding, “My music is in great hands.”
Earlier this year, Hipgnosis secured a revolving credit facility of £65 million ($82 million) with JPMorgan Chase Bank to fuel further acquisitions. As of Aug. 31, 2019, the company has invested £314 million ($399 million) in the acquisition of 27 catalogs on a blended multiple of 12.84-times historic annual net income, resulting in interests in 7,475 songs.
Notable acquisitions include full or partial stakes in catalogs of The-Dream, Tricky Stewart, Poo Bear, Chic co-founder Bernard Edwards, songwriting trio TMS, Giorgio Tuinfort, Ari Levine, Sam Hollander, Johnta Austin, Sean Garrett, Rico Love, Itaal Shur, Eurythmics co-founder Dave Stewart, Teddy Geiger, Benny Blanco and The Chainsmokers.
According to Hipgnosis’ maiden financial results, published in June, the company generated revenues of £7.2 million ($9.1 million) from its first 12 catalog holdings between June 8, 2018 to 31 March, 2019.