Financial terms of the deal were not disclosed. Watt was represented in negotiations by manager Scooter Braun at SB Projects and attorney Doug Mark.
“It is amazing to be welcoming Watt to the Hipgnosis Family just as he has been awarded the producer of the year Grammy for his work with Miley Cyrus, Post Malone et al, and as he has been No. 1 all over the world with Justin Bieber,” comments Merck Mercuriadis, founder of The Family (Music) Limited and Hipgnosis Songs Fund Limited.
“He is arguably the most important writer and producer in the world today and I don’t use those words lightly," he continues. "Watt and Scooter are an incredibly important part of our future.”
Hipgnosis’ acquisition binge shows no sign of abating. Just this week, the U.K. listed investment company reportedly nabbed the Red Hot Chili Peppers song catalog in a deal said to be worth $140 million to $150 million, struck soon after buying-up the rights of producers Jimmy Iovine and Bob Rock, Colombian singer Shakira and rock legends Neil Young and Lindsey Buckingham, among others.
The Company has splashed out after raising a total of more than £1.1 billion ($1.5 billion) through its Initial Public Offering on 11 July 2018, and several subsequent issues.
Mercuriadis “is in the process of changing the game for songwriters,” comments Watt on the announcement of his new deal. “He leads his company by putting the creators first.”