Nelly Sells 50% Stake in His Catalog for $50 Million: ‘My Music Is My Legacy’

No “Dilemma” for Nelly here — he’s made a decision.

The rapper and singer recently struck a deal to sell a 50% stake in his catalog for $50 million, PEOPLE confirms.

Nelly, 48, has partnered with HarbourView Equity Partners, which has agreed to the “purchase of select recorded assets,” a source close to the artist tells PEOPLE. The deal includes some of his best-known tracks, including “Ride Wit Me,” “Dilemma” and “Hot in Herre.”

He joins a growing list of stars — including Justin Timberlake, Sting, Bruce Springsteen, Justin Bieber and Bob Dylan — to part ways with at least a portion of their music catalog.

“As artists, we put our heart and soul into each track and there comes a time when you consider preservation of that artistry. My music is my legacy which I want to last beyond me, continuing to make my existing fans happy while reaching new generations and new audiences,” Nelly said in a statement obtained by Variety. “I am excited to partner with HarbourView to create opportunities for discovery of my music decades from now.”

Following the sale, Nelly — who is also busy promoting his own brand of liquor, MoShine — is heading back into the studio to work on his next record, a sequel to his 2021 country-inspired album Heartland called Heartland 2.

The source tells PEOPLE that unlike Heartland, which included chart-topping hit “Lil Bit” with Florida Georgia Line, the follow-up will feature only female collaborators.

A few years back, Nelly appeared on PEOPLE Now, where he went through his old discography. The show featured the artist looking back fondly on his old songs and sharing his recollections.

At the time, Nelly told PEOPLE that his hit “Ride Wit Me” was “surprising” because “it’s one of those songs that I just wrote so fast.” About “Hot in Herre,” Nelly offered a simple word: “Spectacle.” Concerning “Dilemma,” he referred to himself in the third-person, calling the song “iconic for Nelly.”

All three songs are included in the agreement with HarbourView Equity Partners.