Warner Music (WMG) is in discussions to acquire the catalog of rock group Red Hot Chili Peppers for over $300 million, as Warner Music seals a $1.2 billion joint venture with private equity group Bain Capital, the Financial Times reported Tuesday, citing sources familiar with the matter.

The negotiations to acquire the catalog, which includes hits such as "Under the Bridge," are ongoing and there is a possibility that a deal may not be finalized, the report said.

Warner Music did not immediately reply to a request for comment from MT Newswires.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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