Rod Stewart Sells Song Catalog as Music-Rights Fundraising Surges

Anne Steele / - Rod Stewart Read at The Wall Street Journal
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Rod Stewart, the star behind such hits as “Maggie May” and “Da Ya Think I’m Sexy,” has sold his song catalog as the music-rights market draws a flurry of fresh capital.

Stewart sold his interests in his publishing catalog and recorded music, as well as some name and likeness rights, to music-industry executive Irving Azoff’s Iconic Artists Group for nearly $100 million, according to people familiar with the matter. Iconic on Thursday said it also raised more than $1 billion in new capital for future catalog investments led by the private markets investment firm HPS Investment Partners.

Stewart, 79, boasts a catalog that includes 10 No. 1 albums, and he has charted six consecutive decades with studio albums that sold more than one million copies each. The rights he sold span his solo career as well as his time as a member of Faces and the Jeff Beck Group.

Read more at The Wall Street Journal