Canadian singer-songwriter Neil Young has sold half the rights to his back catalogue in a new deal worth an estimated $150 million (€122,000).

Hipgnosis Songs Fund purchased 1,180 songs by the Canadian musician in a landmark deal, according to the BBC.

The Young acquisition comes after the company also acquired the rights to former Fleetwood Mac singer Lindsay Buckingham‘s back catalogue this week, as well as Jimmy Iovine’s worldwide producer royalties.

“This is a deal that changes Hipgnosis forever,” Hipgnosis founder Merck Mercuriadis said of the Young deal.

“I bought my first Neil Young album aged seven. Harvest was my companion and I know every note, every word, every pause and silence intimately.

“Neil Young, or at least his music, has been my friend and constant ever since.”

Hipgnosis are renowned for turning royalties into a steady income stream, with the firm earning big every time one of its songs is played on the radio or featured in on the silver screen.

“It now turns out logical for Hipgnosis to partner with Neil to ensure his incredible songs reach all corners of the earth,” Mercuriadis added.

“I built Hipgnosis to be a company Neil would want to be a part of. We have a common integrity, ethos and passion born out of a belief in music and these important songs. There will never be a ‘Burger Of Gold’ but we will work together to make sure everyone gets to hear them on Neil’s terms.”

Mercuriadis previously managed some of the world’s biggest acts, including Beyoncé, Elton John, Iron Maiden and Guns ‘N’ Roses.

Neil Young recently posted an unreleased track titled 'Goodbye Christians on the Shore' from his new box set Archives Volume II: 1972–1976.

The beautiful song was recorded in 1972 with the Stray Gators, with most die-hard Young fans not even realising that the track existed until now.

Read Pat Carty's June 2020 review of Young's latest album Homegrown for Hot Press here.