Irving Azoff’s Iconic Acquires Rod Stewart Catalog, Reveals Over $1 Billion Tranche for Future Song-Rights Purchases

Irving Azoff’s Iconic Artists Group (IAG) has actually acquired the music IP of Rod Stewart and protected north of $1 billion for future brochure financial investments.

At the time of this writing, Iconic had not penned an official release about the deal or the raise. The business had, nevertheless, priced quote and connected to a Wall Street Journal report on the topics, relatively verifying the matching information at the same time. On the capital front, those information refer particularly to an over $1 billion raise led by New York’s HPS Investment Partners.

(Moments after our piece was released, Barron International Group agents emailed IAG’s complete release relating to the pact with Stewart and the recently gotten $1 billion, interacting likewise that Barron had actually functioned as HPS’ monetary consultant in connection with the tactical financial investment.)

IAG has actually long utilized the very same technique when revealing offers, with plays for IP from The Beach Boys Dean Martinand Linda Ronstadtto call some, having actually emerged in pieces from the LA TimesAzoff’s Pollstarand more.

As another significant aside, it was just last May that 79-year-old Rod Stewart put the kibosh on catalog-sale talks with Hipgnosis, revealing the belief that the distressed business wasn’t the best option “to handle my tune brochure, profession, or tradition.”

Those stopped working conversations seemingly set the phase for relatively rewarding and quick-moving discussions with Iconic Artists Group, which has per the Journal scooped up “interests” in the “Maggie May” developer’s publishing brochure and tape-recorded rights, as kept in mind.

Consisted of in the “almost $100 million” sale are “some” of the London local’s name and similarity rights, according to the pointed out source. With 11.63 million Spotify regular monthly listeners to his credit, the one-time Grammy winner Stewart is set to launch (with Jools Holland) an album entitled Swing Feveron the 23rd.

Larger image, Iconic’s brand-new song-rights wager represents simply the most recent in a line of hit deals. The red-hot music-IP area appeared to be cooling for a while amidst increasing rates and financial unpredictability– besides a purchase time out from Hipgnosis Songs Fundwhich had actually been on an acquisition spree before striking numerous functional obstructions– capital is continuing to put into the sphere.

On top of IAG’s statement of the Stewart tie-up and the $1 billion tranche, February has actually likewise seen Sony Music invest a reported $600 million on a 50 percent interest in the work of Michael Jackson. Beyond this huge offer– the brochure assessment behind which seems the biggest to date, presuming the $600 million figure is precise– Universal Music last month purchased South Asian label Oriental Star Agencies’ brochure.

Furthermore, Anthem Entertainment liquidated January by scoring a contract with Beth and Luke Laird’s Creative Nation, whereas Believe (which might be going personalcontributed to its portfolio “Punjabi powerhouse” White Hill Music’s brochure versus the background of India’s fast market growth

More just recently, GoDigital previously today injected a quarter of a billion dollars into its Cinq Music subsidiary to sustain IP financial investments– with an “eight-figure” play supposedly in the wings.