LONDON - Rod Stewart has agreed to sell the rights to his song catalogue to Iconic Artists Group in a deal worth almost $100m (£79m).
Stewart, 79, has enjoyed a lengthy solo career since his time in rock group the Faces, and his many hits include “Maggie May”, “You Wear It Well”, “Sailing” and “Da’ Ya’ Think I’m Sexy”.
In recent years Iconic Artists Group, founded by music industry executive Irving Azoff, has also purchased the back catalogues of artists including the Beach Boys, Cher, David Crosby, Linda Ronstadt and Dean Martin.
According to the Wall Street Journal, Iconic said this week that it has raised more than $1bn in new capital for future catalogue investments, led by the private markets investment firm HPS Investment Partners.
Stewart’s catalogue includes ten number-one albums across six consecutive decades of hit records, including his work with the Faces and the Jeff Beck Group.
“Irving and I are a couple of old-timers and I believe we have a mutual respect and admiration for each other,” Stewart told the Wall Street Journal. “My life’s work is in safe hands with him.”
The music rights market has seen a flurry of investment over the last few years. Last September, Katy Perry sold the rights to her music catalogue to The Carlyle Group for a reported $225m (£181m).
In January 2023, Justin Bieber sold his share of his own music rights to Hipgnosis Songs Capital for a reported fee of $200m (£162m).
And a year earlier, it was announced that Bob Dylan had sold the rights to his entire back catalogue to Sony for an undisclosed amount.
However, some rights groups have faced financial difficulties. Last month, Hipgnosis said it is willing to offer up to £20m to anyone who wishes to make a bid for its music catalogue of world-famous artists from 50 Cent to Blondie.
The troubled music royalty fund, which was co-founded by former Beyonce manager Merck Mercuriadis and Nile Rodgers of Chic, has faced questions over its future in recent months.
It has flagged widening financial losses and an ongoing dispute within its management team.
The firm owns the rights to the back catalogues of musicians including Bieber, Shakira and Barry Manilow, and has been trying to sell a chunk of its song catalogues.
But it previously said it thought the offers it had received were not valuing them highly enough.
