The Offspring sell rights to their back catalogue for £24 million

US band The Offspring have sold the rights to their back catalogue for an impressive £24 million.

The punk rock band, who rose to fame in the 1990s, have sold all of their music to New York-based company Round Hill, reports Billboard.

Their records produced under Columbia are included in the deal although Epitaph will retain ownership of their early albums Smash and Ignition.

Lead singer Dexter Holland has said in a statement: “We felt that having the right caretaker for our catalogue, both the masters and the publishing, is incredibly important to the future of our career.

“Round Hill understands that we are continuing to perform and record and that the visibility of our past is critical to our future.”

Round Hill Music chairman/CEO Josh Gruss said: “We have some masters like the Bush catalog and records from developing artists like London Souls and Nigel Hall, but we wanted more exposure and you won't get a more high-quality catalog than The Offspring.

“Also, we didn't have some American punk rock in our publishing portfolio, and this acquisitions helps broaden the genre representation.”

The Offspring have sold 36 million records worldwide and became well-known for their song Pretty Fly in 1998.

Their last album was released back in 2012 and they’re recently announced a series of European festival dates for this summer.