Red Hot Chili Peppers' career has not only landed them a spot in the Rock and Roll Hall of Fame, it's about to provide them a pretty huge payday as well. Variety reports that the band is close to a deal to sell their songwriting catalog to Hipgnosis Songs for upwards of $140 million.

The group is just the latest act to sell their catalog for big bucks as Bob Dylan's catalog recently netted $300 million from Universal Music Publishing and Stevie Nicks' catalog was sold to Primary Wave for $100 million.

This move is not entirely new in the music industry. Though it was recently revealed that Twisted Sister won a copyright case against Australian politician Clive Palmer, singer Dee Snider revealed that it was actually Universal Music that would be receiving the compensation as he sold his catalog in 2015 for "a lot of money." One of the more famous acquisitions of a catalog came in the '80s when Michael Jackson bid a whopping $47.5 million, a huge sum at the time, for the rights to the Beatles catalog.

The Chlii Peppers formed in 1982 and have gone on to release such huge singles as "Under the Bridge," "Dani California," "Scar Tissue," "Give It Away," "Can't Stop," "Californication" and more. The band has enjoyed seven albums that have peaked inside the Top 10 of the Billboard 200 Album chart.

The group is currently working on a new album that will serve as their follow-up to 2016's The Getaway. It will be their first new album since guitarist John Frusciante's return to the band for his third stint with the group.

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