Rod Stewart sells back catalogue for near $100million

Rod Stewart has sold his back catalogue for close to $100million (£79.3million).

The British music legend reached an agreement with Irving Azoff’s Iconic Artists, meaning the company now owns his publishing catalogue, recorded music and a stake of Stewart’s likeness and image rights.

The company, founded by music industry executive Azoff, has previously purchased the back catalogue of artists like the The Beach Boys, Cher and Dean Martin.

“Irving and I are a couple of old-timers and I believe we have a mutual respect and admiration for each other,” Stewart said in a statement to The Wall Street Journal. My life’s work is in safe hands with him.”

According to the WSJ, Iconic Artists said this week that it has raised more than $1billion (£793.5million) in capital, which will go towards investing in more catalogues.

Stewart is the latest artist to part ways with his back catalogue, after Graham Nash sold the rights to his back catalogue to Iconic Artists Group in October.

Last year, meanwhile, Justin Bieber sold the rights to his songs for a reported $200million. It came after Phil Collins and Genesis sold their publishing rights and master recordings for $300million a few months prior.

Last September, Katy Perry sold the rights to her music for a reported $225million (£180.5million).

Going back further to 2020, Bob Dylan struck a historic deal with Universal Music to sell his entire songwriting catalogue, reported to be in the region of $300 million (£225 million).

In other news from Stewart, the singer this month took a swipe at Ed Sheeran, claiming that he “didn’t know any of his songs”.