Legendary singer, Rod Stewart, reportedly sold the rights to his music catalog to industry executive Irving Azoff’s Iconic Artists Group for nearly $100 million.
Sources close to the matter confirmed Stewart has already penned the deal and sold his interests in his publishing catalog as well as his recorded music, according to The Wall Street Journal (WSJ). The famous singer has also reportedly sold some of the rights to his name and likeness within the same contract.
View this post on Instagram
Stewart has released music for six consecutive decades and has been behind studio albums that have sold well over one million copies each, according to The WSJ. His newly inked deal reportedly included the sale of his rights to music created as part of his solo career as well as the period of time in which he was a member of Faces and the Jeff Beck Group.
The music icon has released a slew of major hits, including “Sailing,” “Maggie May,” “Reason to Believe” and “Do Ya Think I’m Sexy?” Other hits include “Tonight’s the Night” and “First Cut Is The Deepest,” as well as “Have I Told You Lately.”
Lisa Maree Williams/Getty Images
In spite of selling off the rights to his catalog, the 79-year-old artist is showing no signs of slowing down.
Stewart is poised to release his 32nd studio album, “Swing Fever,” sometime in February. He has embarked on a world tour and is scheduled to complete his 13-year Las Vegas residency at the Colosseum at Caesars Palace with his 200th show this year as well, according to The WSJ.
Stewart issued a statement expressing he is pleased with the transaction.
Jason Kempin/Getty Images
“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,” he said, according to The WSJ. (RELATED: REPORT: Katy Perry Sells Music Catalog For $225 Million)
Stewart’s copyright sale is among many such deals that have exchanged hands, as the popularity of the concept continues to gain traction in the music industry. Bob Dylan, Bruce Springsteen, Stevie Nicks, Justin Bieber and Neil Young, are among the many big stars who have also sold their catalog rights.