We’re not sure whether he was mired in debt or whether papa just needed a brand new mansion, but Richie Sambora has sold the rights to his songs to an investment company.
The collection of some 200 ditties includes some pretty whopperous hits, too, with Sambora having co-written the likes of Livin’ on a Prayer, You Give Love a Bad Name, Wanted Dead or Alive and Bad Medicine.
Sambora has sold them to a song-acquisition investment company (we never knew that there was such a thing) called Hipgnosis Songs Fund, which is run by former music manager Merck Mercuriadis. His company has a formula for evaluating a song’s potential future royalties that they base their offers on.
Basically, this means rather than having royalties dribble in for years to come, Sambora can take the money now and run.
“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,” sais Sambora of the sale. “I believe the work he is doing that has transformed the way that the world looks at the power of great songs and the songwriting community is very special.”