Hipgnosis Songs Fund has snapped up the music catalogue of Barry Manilow, giving it 100% of recording royalties to the singer and songwriter's 917 songs.
The singer-songwriter, who is an inductee into the US Songwriters' Hall of Fame, has won a Tony award, an Emmy and 15 Grammy awards in a 50-year career that has seen him sell more than 85 million records.
Manilow's latest US hit album Night Songs II saw him join a unique list of artists to have had a charting album in each of the past six decades.
His catalogue of songs include Mandy, his first US number one single in 1975, which has more than 65 million streams on Spotify, and Copacabana (At the Copa), for which Manilow won a Grammy for Best Male Pop Vocal Performance in 1979.
Hipgnosis founder Merck Mercuriadis said Manilow was "an international treasure", adding "he is an incomparable artist, songwriter, arranger, musician and performer".
"In the 1970s and 1980s, he redefined mainstream entertainment and drove it to new heights of success with truly classic songs.
"He is one of those rare artists that unites everyone. We are honoured to have Barry and Garry [Kief, longtime manager to Manilow] join the Hipgnosis family."
In addition to his solo career, Manilow has produced albums for artists such as Bette Midler and Dionne Warwick.
Manilow said: "Merck has created a new type of music company and I'm looking forward to being part of the family at The Family Music and Hipgnosis Songs."
J.P. Morgan Cazenove analyst Christopher Brown said the acquisition was "very high profile" for Hipgnosis, "given the international regard for, and reputation of, Barry Manilow".
Brown also told clients the purchase "diversifies the portfolio further", with the catalogue containing multiple genres in itself.
"The acquisition differs from most by [Hipgnosis acquisitions] in that Hipgnosis has acquired the recording royalties, rather than the songwriting royalties that it usually acquires," Brown reasoned.
"This is quite significant as some of Barry Manilow's most famous recordings were of songs written by others, so this is essentially a purchase of an international superstar's recording output rather than the more typical song catalogues that are performed by multiple artists.
"But the other side of this coin is that the many songs written or co-written by Barry Manilow but performed by others - for example, Could It Be Magic, which was a big hit for Take That - will not result in revenue for Hipgnosis, though they raise the profile and prompt interest in the original recording."