"In uncertain times such as this you are reminded of the power of great songs," says Hipgnosis founder Merck Mercuriadis about "incomparable" songwriter and guitarist.
LONDON – Music IP investment company Hipgnosis Songs has made yet another major catalog acquisition, picking up 186 songs by former Bon Jovi guitarist and co-songwriter Richie Sambora.
Financial terms were not disclosed for the deal, which sees Guernsey-registered Hipgnosis acquire Sambora's publishing and writer's share royalties of the 12 studio albums he made with Jon Bon Jovi, including 1986's Slippery When Wet, 1988's New Jersey, 2007's Lost Highway and 2013's What About Now.
According to Hipgnosis, Bon Jovi has sold more 130 million records worldwide (including compilations and live albums), making them one of the bestselling rock bands of all time. Classic hits that Sambora co-wrote with Bon Jovi include Hot 100 number ones "You Give Love a Bad Name," "I'll Be There For You," "Bad Medicine" and the triple-platinum certified "Livin' on a Prayer."
The deal also covers Sambora's three solo albums – Stranger in This Town, Undiscovered Soul and Aftermath of the Lowdown – as well his writing credits on Cher's self-titled 1987 album and 1989's follow-up Heart of Stone, which has sold more than four million copies.
Having left Bon Jovi in 2013, Sambora reunited with the group for a one-off live performance to mark their induction into the Rock and Roll Hall of Fame in 2018. The 60-year-old guitarist was inducted into the Songwriters Hall of Fame in 2009 alongside Jon Bon Jovi.
"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," said Hipgnosis founder Merck Mercuriadis.
He called Sambora "a musician's musician and a songwriter's songwriter" and said he was looking forward to working with him for "many years to come on this elite set of songs."
"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," said Sambora, who was represented in the sale by his long-time lawyer Michael Guido at Carroll, Guido & Groffman Cohen Bar & Karalian, LLP.
The guitarist went on to say that Mercuriadis and Hipgnosis Songs were transforming "the way that the world looks at the power of great songs."
Between its launch in July 2018 and mid-December 2019, Hipgnosis spent more than £500 million ($650 million) on full or partial stakes of 42 catalogs, bringing its total portfolio to 11,225 songs.
Since then, the company has continued its acquisition spree, picking up catalogs by Fun./Bleachers' Jack Antonoff, producer Brendan O'Brien, Snow Patrol's Johnny McDaid, Savan Kotecha, Ammar Malik, Emile Haynie and British songwriter Brian Higgins, who co-wrote Cher's Grammy-winning global hit "Believe."
