Rod Stewart sells catalog to Iconic Artists Group for around $100m; company raises $1bn to buy more music rights

Irving Azoff’s Iconic Artists Group has secured a strategic investment from HPS Investment Partners (HPS), an investment firm with $107 billion in assets under management.

The investment from HPS, together with senior debt financing from third parties, provides Iconic with access to $1 billion of capital.

With HPS’ support, Iconic will further solidify its position as the trusted partner of choice for artists and their estates seeking to maximize the value of their portfolios and ensure their music continues to inspire and resonate with audiences for generations to come.

Iconic has also finalized what it calls a wide-ranging cross-media partnership with legendary artist Rod Stewart to “acquire, develop, and expand his six-decade musical legacy to new generations of fans”.

A two-time inductee into the Rock & Roll Hall of Fame and one of music’s best-selling artists, Iconic says that the “landmark arrangement encompasses Stewart’s songs spanning his monumental solo career, as well as tenure in two iconic groups, the Faces and Jeff Beck Group”.

Citing people familiar with the matter, The Wall Street Journal reports that Stewart sold his interests in his ‘publishing catalog and recorded music, as well as some name and likeness rights’ for around $100 million.

Iconic launched in January 2020 with the acquisition of a controlling interest in the legendary catalog of The Beach Boys..

Stewart’s deal with Iconic follows the company’s recent acquisitions of the catalogs of Cher, Dean Martin, David CrosbyStephen StillsNat King Cole, Linda Ronstadt, and Joe Cocker.

Stewart’s catalog includes ten No. 1 albums and 31 Top 10 singles in the UK, six of which reached No. 1 plus 17 Top 10 albums, with four reaching No. 1 and 16 Top 10 singles in the U.S. Billboard ranked him as the 15th Greatest Artist of all time (6th among male soloist), he’s also the 13th Greatest Billboard 200 Artist of all time, the 2nd most successful British solo artist of all-time, and has charted an extraordinary six consecutive decades with million-selling studio albums.

On February 23, he will release his 32nd studio album, Swing Fever, in collaboration with Jools Holland and his Rhythm & Blues Orchestra, on Warner Records.

His world tour continues in 2024, and he will conclude his 13-year Las Vegas residency at The Colosseum at Caesars Palace on its 200th show this summer.

“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.”

Sir Rod Stewart

Sir Rod Stewart 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.”

“We are thrilled to welcome one of the most celebrated singer-songwriters of our time, Rod Stewart, to the Iconic family.”

Irving Azoff, Iconic

Irving Azoff, Chairman and CEO of Iconic, 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 at HPS, said: “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.”

Artisan and Moelis acted as financial advisors to Iconic, and Gibson Dunn and Alter, Kendrick & Baron acted as legal advisors.

Jackoway Tyerman acted as counsel to Rod Stewart. Lisbeth R. Barron and the team at Barron International Group, LLC acted as financial advisor to HPS Investment Partners, and Latham & Watkins acted as legal advisor.Music Business Worldwide