Hipgnosis Songs Fund Limited (LON:SONG) has acquired a 37.5% interest in CHIC co-founder Bernard Edwards music catalogue for an undisclosed sum
Edwards, who died in 1996, is best known for his partnership with Nile Rodgers, together founding CHIC in 1976 and co-writing Number 1 songs for the band and other artists including Sister Sledge and Diana Ross.
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Nile Rodgers is a member of the advisory board of The Family (Music) Limited, Hipgnosis’ investment adviser, and continues to promote and perform numerous songs within the catalogue.
The catalogue acquired comprises 290 evergreen songs including Everybody Dance, Le Freak, I Want Your Love, Good Times, My Forbidden Lover, He's The Greatest Dancer, We Are Family, Lost in Music, Thinking of You, Frankie, Upside Down and I'm Coming Out.
In addition, many of the songs have been extensively sampled, remixed or reissued leading to new hits that are a part of the catalogue including Rapper's Delight and songs by the Beastie Boys, LL Cool J, Puff Daddy and Justin Timberlake.
Merck Mercuriadis, founder of The Family (Music) Limited and Hipgnosis Songs Fund Limited, said: "Bernard and Nile together created one of the most iconic catalogues of all time from Le Freak, which is the biggest selling single in the history of Atlantic Records, to Good Times which is arguably the most interpolated and sampled song of all time.
Nile Rodgers commented: "There will never be another Bernard Edwards. I have the time of my life playing these amazing songs we created together every day, but I will never be able to replace him and the special chemistry we had. Happily, that magic lives on in these wonderful songs that we get so much joy from everyday."