ST. LOUIS — Music artist, entrepreneur and St. Louis native Nelly has agreed to sell part of his recorded catalog to a private equity firm.
Newark, New Jersey-based HarbourView Equity Partners said Thursday it has agreed to "partner with" and purchase "select recorded assets" of Nelly, a multiplatinum-selling, Grammy-winning singer and rapper.
Harborview said the deal includes the artist's well-known tracks "Ride Wit Me," "Dilemma" featuring Kelly Rowland, and "Hot in Herre." The latter two held the No. 1 spot on Billboard's Hot 100 for seven and 10 weeks, respectively, officials said.
Financial terms of the deal and how much of Nelly's music catalog is involved in the deal weren't disclosed. Fox Business, citing a source close to the artist, reported Thursday that the agreement is worth $50 million for a 50% ownership of his entire catalog. His eighth studio album, a country-inspired collection called "Heartland," was released in 2021.
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