Sir Rod Stewart sells music rights for almost $100m
Sir Rod Stewart has signed on the dotted line in a sale worth almost $100 million for his music rights and likeness.
Sir Rod Stewart has sold the rights to his music and likeness to Irving Azoff's Iconic Artists Group for just under $100 million.
The 79-year-old rock legend - whose back catalogue includes the hits 'Maggie May', 'Stay With Me', 'You Wear It Well', 'You're in My Heart', and 'Do Ya Think I'm Sexy?' - feels that after six decades in the music business, it's time to secure his legacy.
Rod told The Wall Street Journal: "This year marks my 60th year in the music industry. The time is right, and I feel fortunate to have found partners in Irving and his team at Iconic that I can entrust with my life's work and future musical legacy."
Irving Azoff, Chairman and CEO of Iconic, commented: "We are thrilled to welcome one of the most celebrated singer-songwriters of our time, Rod Stewart, to the Iconic family.
"Our new partnership with HPS provides us with the resources and flexibility to make blockbuster signings like this one and to continue the success of our legendary artists and their legacies."
Scot French, Governing Partner at HPS, added: "Iconic has built an impressive platform and artist portfolio, and we are pleased to provide financing that will enable the company to further scale its business and advance its mission of championing the rights of musical talent."
The deal comes after Rod cancelled a planned acquisition by Hipgnosis Songs Fund in June 2023.
The music veteran reportedly spent two years negotiating a deal with the company's founder and CEO Merck Mercuriadis.
However, the 'Handbags and Gladrags' hitmaker decided that Hipgnosis - which has already bought the rights to music by Bruce Springsteen, Justin Bieber and Lindsey Buckingham - was not the right owner for his "life's work".
In a statement, he said: “This catalogue 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 catalogue, career or legacy.”
