Rod Stewart banks $150m in catalogue publishing deal

Rod Stewart is the latest artist to sell the rights to his music.

Rod Stewart performs at Hard Rock Live in Hollywood, Florida, this week. Picture: Getty Images

Rod Stewart is the latest artist to sell the rights to his music.

The Wall Street Journal reports that Irving Azoff’s Iconic Artists Group acquired Stewart’s interests in his recorded music and publishing catalogue, as well as some rights to his name and likeness, for almost $US100m ($153m).

News of the sale comes less than a week after reports of a blockbuster deal reached by Sony to acquire half of Michael Jackson’s recording and publishing catalogue rights from his estate.

Details of that transaction are scant, but reports from Billboard and The New York Times say it is likely the largest valuation of a single musician’s assets.

The Times said it valued Jackson’s assets at $US1.2bn or more, a valuation Billboard said meant Sony was paying at least $US600m for the stake.

Music rights in recent years became a hot market after a flurry of sales that saw the likes of Bob Dylan, Bruce Springsteen, Stevie Nicks and Neil Young cash in on their catalogues.

According to the Journal, Azoff’s Iconic has raised more than $US1bn in new capital to put towards catalogue acquisitions.

Owners of a song’s publishing rights receive a cut in various scenarios, including radio play and streaming, album sales, and use in advertising and movies. Recording rights govern reproduction and distribution.

AFP