Red Hot Chili is selling their songwriting catalog to Merck Mercuriadis' Hipgnosis Songs Fund for $140 to $150 million, according to media outlets.

The deal remains unclear as might not have closed yet also it’s saying the worth a minimum of £100million ($140million) and is probably going to incorporate their hit tracks ‘Snow (Hey Oh)’, ‘Californication’, ‘Otherside’, ‘Can’t Stop’ and ‘Give It Away", among others.

The band’s catalog was written by frontman Anthony Kiedis, bassist Flea, drummer Chad Smith and guitarist John Frusciante.

At the beginning of this year, Mercuriadis and his Hipgnosis Song Fund won a 50% share in Neil Young's songwriting catalog that was reportedly valued at around $100 million. Merck Mercuriadis' Hipgnosis Songs also bought the catalog of Shakira.

In January last year, drummer Chad Smith said, “We’re all really excited to form new music. “For now, we’ll mostly be concentrating on new songs and writing a new record.”

In 2016, Red Hot Chili Pepper published their last album ‘The Getaway’. Since then, Frusciante has rejoined the group following a 10-year absence and therefore the band is currently preparing for brand spanking new music.