The Red Hot Chili Peppers sold the rights to their recorded catalog to Warner Music Group in a deal worth more than $300 million, sources familiar with the matter tell The Hollywood Reporter, with WMG acquiring the catalog through the company’s joint venture with Bain Capital. WMG first announced its $1.2 billion joint venture catalog acquisition vehicle with Bain last July and reported in its May 7 earnings report that they’d spent $650 million on catalogs since the JV’s launch, though the company didn’t specify what those acquisitions were. The Chili Peppers deal represents close to half of the JV’s reported spending, though it’s currently unclear what the rest has gone toward. Reps for the band and WMG declined or didn’t respond to request for comment. The deal had been long rumored, with Billboard reporting in February of 2025 that the band was shopping its recorded rights, while Music Business Worldwide speculated earlier this year that the venture was potentially targeting the Chili Peppers.…