Rock legend Rod Stewart has made a deal with Irving Azoff's Iconic Artists to sell his song catalog for nearly $100 million, according to a report.
The agreement includes publishing catalog, recorded music, and certain name and likeness rights, The Wall Street Journal reported.
"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," Stewart, 79, told the Journal.
The agreement coincides with Iconic's announcement of securing over $1 billion in capital for upcoming catalog investments, with major backing from investment firm HPS Investment Partners.
This marks the second wave of investments in significant song catalogs, after Sony Music's recent acquisition of a major stake in the Michael Jackson catalog, Variety noted.
Reports have also surfaced about a potential $1 billion deal for the rights to the Queen catalog. However, the once-booming market has cooled in recent years due to rising interest rates, soaring prices, and a decrease in the availability of top catalogs.
The value of Stewart's catalog deal is lower than those of Bob Dylan, Bruce Springsteen, and Genesis. However, Stewart boasts an extensive six-decade catalog with 10 No. 1 albums, including collaborations with the Jeff Beck Group and the Faces.
Stewart's songwriting repertoire has timeless hits "Maggie May," "Stay With Me," "You Wear It Well," "You're in My Heart," "Do Ya Think I'm Sexy?" and more.
Stewart almost sold his catalog to the now-struggling Hipgnosis Songs company, but after nearly two years, the deal remained unclosed, prompting him to withdraw. He later slammed the company in a social media post.
"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," he wrote at the time, according to Variety.
Zoe Papadakis ✉
Zoe Papadakis is a Newsmax writer based in South Africa with two decades of experience specializing in media and entertainment. She has been in the news industry as a reporter, writer and editor for newspapers, magazine and websites.
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