British singer-songwriter Rod Stewart has sold his music rights to Iconic Artists Group in a deal worth almost $100 million, the Wall Street Journal first reported Thursday, making him the latest artist to cash in on his catalog and join a company that also owns assets of Cher, Graham Nash, Nat King Cole, Dean Martin and Linda Ronstadt, among others.
Pianist Jools Holland and musician Sir Rod Stewart perform on "The Tonight Show" Tuesday, Feb. 6, ... [+]
Stewart sold his publishing catalog, recorded music and some name and likeness rights to the company, which is owned by former Ticketmaster CEO Irving Azoff and recently raised $1 billion to continue acquiring big-name music rights, the Journal reported.
Stewart, who is currently on a world tour, is expected to release his 32nd album later this month.
The deal adds Stewart to a long list of artists who’ve recently cashed in on their classic songs and catalogs in recent years, including Justin Bieber, Katy Perry, Bruce Springsteen and Paul Simon.
This is a developing story.