LOS ANGELES (CelebrityAccess) – In a significant move within the music industry, legendary rock singer Rod Stewart has recently finalized the sale of his song catalog to Irving Azoff’s Iconic Artists Group for nearly $100 million. This comprehensive deal includes interests in both Stewart’s publishing catalog and recorded music and specific name and likeness rights, as reported by the Wall Street Journal.
Expressing his thoughts on the transaction, Stewart, 79, remarked to the 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.”
This strategic deal aligns with Iconic’s announcement of raising over $1 billion in new capital for future catalog investments, primarily facilitated by investment firm HPS Investment Partners. It unfolds amidst a resurgence in major song catalog investments. Sony Music recently sealed a deal to acquire a substantial stake in the Michael Jackson catalog, and rumors are circulating about a potential nearly $1 billion deal for rights to the Queen catalog. Although the market had previously been scorching, recent years witnessed a cooling trend due to rising interest rates, escalating prices, and a narrowing pool of top catalogs.
While the figure of Stewart’s deal is less than those of other artists like Bob Dylan, Bruce Springsteen, or Genesis, Stewart boasts 10 No. 1 albums and encompasses collaborations with Jeff Beck and the Faces. His songwriting contributions include timeless hits and classics such as “Maggie May,” “Stay With Me,” “You Wear It Well,” “You’re in My Heart,” and the iconic “Do Ya Think I’m Sexy?”
It’s worth noting that Stewart had previously considered selling his catalog to the troubled Hipgnosis Songs company, but after almost two years without the deal closing, he withdrew. Last year, he publicly criticized the company on social media, “This catalog represents my life’s work. And it became abundantly clear after much time and due diligence that this was not the right company to manage my song catalog, career, or legacy.”
Stewart’s deal with Iconic Artists follows the company’s successful acquisitions of catalogs from artists like the Beach Boys, Cher, Dean Martin, David Crosby, Stephen Stills, Nat King Cole, Linda Ronstadt, and Joe Cocker.
As the industry awaits the impact of this transaction, Rod Stewart is set to release his 32nd studio album, a big-band salute titled “Swing Fever,” later this month. He is currently on a world tour and planning his final Las Vegas residency at the Colosseum at Caesars Palace.
