Sir Rod Stewart Sells Music Rights For Almost $100 Million

Sir Rod Stewart has sold his music and likeness rights to Irving Azoff's Iconic Artists Group for almost $100 million.

After sixty-odd years in the music business, the Scottish singer feels that now is the time to protect his legacy. 

Last June, Rod Stewart cancelled a planned sale of his music rights to Hipgnosis Songs Fund, having spent the previous two years negotiating the deal with the company's CEO and founder Mearck Mercuriadis.  Stewart felt that company was not the right owner of his "life's work". 

“This catalogue represents my life’s work", Stewart said in a statement. “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". 

"The time is right"

In a recent interview with the Wall Street Journal, Sir Rod Stewart has said that now is the right time to sell his music and likeness rights to Iconic Artists Group.

He said,  "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". 

Iconic's CEO and Chairman Irving Zoff also added, "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 ay HPS, also commented, "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". 

Sir Rod Stewart's back catalogue of hits include 'Stay With Me', 'Maggie May', 'You're In My Heart', 'You Wear It Well', and 'Do Ya Think I'm Sexy'.