Rod Stewart confessed that he doesn’t know any of Ed Sheeran’s songs. Users online pushed back against the claim, questioning Stewart’s discography. However, a supposed nine-figure deal suggests that the “The First Cut Is the Deepest” singer doesn’t have that problem, at least in the eyes and pockets of music bigwigs.
According to the Wall Street Journal, on February 15, Rod Stewart sold his back catalog, which includes his publishing catalog and recorded music, as well as a stake of his likeness plus image rights for nearly $100 million. The deal was inked with Irving Azoff’s Iconic Artists Group. In a statement provided to the publisher, Stewart raved about the agreement.
“Irving and I are a couple of old-timers,” he said. “I believe we have a mutual respect and admiration for each other. My life’s work is in safe hands with him.”
As the former CEO of Ticketmaster, Azoff’s relationship in the music industry runs deep. Iconic Artists Group has reportedly already acquired a back catalog of artists like Cher, The Beach Boys, and Dean Martin. After pulling out of past negotiations with Hipgnosis, Stewart joins the long list of entertainers who have dedicated leverage their works as investment capital.
The details of the agreement have not been revealed. So, it is unclear if any of his work with former groups like Faces was roped up into the venture. Read more about why artists are selling their catalogs here.
Some artists covered here are Warner Music artists. Uproxx is an independent subsidiary of Warner Music Group.
Source: https://uproxx.com/indie/rod-stewart-sold-back-catalog-100-million/
