Feb 15, 2024 - Business

Rod Stewart sells catalog to Irving Azoff's Iconic for $100M

Rod Stewart has sold his song catalog rights to Irvin Azoff's Iconic Artists Group for nearly $100 million, according to the singer's spokesman.

Why it matters: The sale is further proof the music rights market has picked back up after a yearlong dry spell.

Details: The deal includes Stewart's publishing catalog and recorded music, as well as some name and likeness rights.

Additionally, Iconic raised $1 billion in new funding to acquire more catalog rights, led by HPS Investment Partners, according to the Wall Street Journal, which first reported Stewart's catalog sale Thursday morning. (HPS declined to comment.)
"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 told the Journal in an email.

Zoom out: Music rights are once again drawing investment dollars.

Last weekend, Michael Jackson's estate sold half of the King of Pop's catalog and publishing rights for a record sum to Sony.
Duetti, the music financing platform led by former TIDAL and Apple Music executives, announced $90 million in new funding Thursday, which is split between a $15 million equity raise and a $75 million credit facility.
Indie label Cinq Music, which focuses on Latin and hip-hop music, raised $250 million from its parent company GoDigital Media Group on Monday to acquire more music rights.
Music publisher Primary Wave also recently got a $1 billion investment from Brookfield Asset Management, the Journal reported.