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Rod Stewart just sold his entire song catalog, including recorded music and some name and likeness rights, to Irving Azoff’s Iconic Artists.
According to Variety, the "Maggie May" hitmaker made nearly $100 million from the deal, signing away the marketing rights and ownership of singles such as, "My Heart Can't Tell You No," "Baby Jane," and "Da Ya Think Im Sexy?" to name a few. Stewart released a statement following the sale, revealing why he chose 2024 to be the year he sold all of his music, and why he picked Iconic Artists as the lucky buyer.
“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 Artists also commented on the sale of the catalog, expressing his excitement for the company's newest addition.
“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.”
Variety mentioned that Iconic Artists recently raised $1 billion in "new capital for future catalog investments," giving them greater financial leverage in consideration of additional acquisitions. This news arrived around the same time that Sony purchased a "major stake" in Micheal Jackson's catalog, and Queen's catalog in its entirety. Despite their recent success, Iconic Artists was not the first place that Stewart turned to make a deal. The 79-year-old standout initially sold his catalog to Hipgnosis Songs as part of a deal that never closed.
“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.”
After a few years, Stewart decided to back out of the agreement and sell to Iconic Artists, joining big name acquisitions like The Beach Boys, Nat King Cole, Dean Martin, Cher, and more.