Rod Stewart sells back catalogue for close to $100 million
Former Faces frontman Rod Stewart has become the latest musician to sell the rights to his back catalogue, in a deal worth almost $100 million.
Stewart has reached an agreement with Irving Azoff’s Iconic Artists, who now own his publishing catalogue and recorded music. Furthermore, as part of the deal, Iconic Artists will also now own a stake of the singer’s likeness and image rights.
In a statement, Stewart told The Wall Street Journal: “Irving and I are a couple of old-timers and I believe we have a mutual respect and admiration for each other. My life’s work is in safe hands with him.”
Iconic Artists’ deal with Stewart comes after the company recently raised more than $1 billion in capital, largely from investment firm HPS Investment Partners, which they plan to use to purchase more back catalogues from legacy acts.
Last year, Iconic Artists bought out Graham Nash, who joined illustrious names on their roster such as Cher, Joe Cocker, Dean Martin, The Beach Boys, Linda Ronstadt, David Crosby and Stephen Stills.
Meanwhile, former frontman of the Police, Sting, sold his rights to Universal in 2022 for a reported $300million figure. Explaining his decision, he said: “I think it’s a moment in time. We’re just getting an advance basically on what we’d earn anyway. Sometimes I get a little nervous, but then I remind myself that I’m just being paid in advance.”
Sting added: “I just think it was more to do with the financial industry than anything else. It was the right time for Universal, or all of these people, to buy so… there was a negotiation, obviously [laughs].”
Stewart has also teamed up with Jools Holland’s Rhythm & Blues Orchestra for the new album Swing Fever, set for release on February 23rd, 2024.
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