70s rock legend cashes in and sells back catalogue of classic hits for £79million
THE 70’s was a fantastic era of music which spawned the likes of Elton John, Stevie Wonder, David Bowie and The Rolling Stones.
But one particular rock artist has decided to follow the industry trend and sell the rights to his back catalogue.
Sir Rod Stewart is known for his smash hits including ‘Maggie May’, ‘Da Ya Think I’m Sexy’ and ‘You Wear It Well’.
He is a worldwide best seller with ten UK number one albums and has shifted over 120 million records worldwide.
But it seems that the iconic rock star is selling even more, his entire back catalogue in fact.
Sir Rod, 79, has reached an agreement with Irving Azoff’s Iconic Artists for close to $100Million (£79.3Million).
The company now owns his entire publishing catalogue, recorded tracks and even a stake of his likeness and image rights.
He is in good company as the firm previously purchased catalogues from the likes of Cher, Dean Martin and The Beach Boys.
His back catalogue includes 10 number one albums over a six decade career.
The deal also includes material from his time as a member of Faces and the Jeff Beck Group.
In a statement to The Wall Street Journal, Stewart said: “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.”]
The global superstar is the latest in a line of iconic artists to cash in on selling the rights to their material.
Major stars from Bob Dylan, Bruce Springsteen, Stevie Nicks and Neil Young have also previously cashed in on big money deals
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