Iconic Artists Group has formed a new partnership with Rod Stewart.
The company has also announced a strategic investment from HPS Investment Partners (HPS), a global investment firm with $107 billion in assets under management.
Iconic has agreed a wide-ranging cross-media partnership with Rod Stewart to “acquire, develop and expand his six-decade musical legacy to new generations of fans,” according to a statement. A proposed deal with Hipgnosis fell through in May 2023.
Stewart sold his interests in his publishing catalogue and recorded music, as well as some name and likeness rights. The Wall Street Journal reported that the deal was valued at nearly $100 million.
At Iconic, Stewart joins a roster that includes The Beach Boys, Cher, Joe Cocker, Nat King Cole, David Crosby, Dan Fogelberg, Dean Martin, Graham Nash, Linda Ronstadt and Stephen Stills.
The investment from HPS, together with senior debt financing from third parties, provides Iconic with access to $1 billion of capital, as the company continues to acquire and manages a diverse portfolio of music assets.
“With HPS’ support, Iconic will further solidify its position as the trusted partner of choice for artists and their estates seeking to maximise the value of their portfolios and ensure their music continues to inspire and resonate with audiences for generations to come,” said a statement.
Rod Stewart's catalogue includes 10 No.1 albums and 31 Top 10 singles in the U.K, 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.
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.
"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,” said Sir Rod Stewart.
“We are thrilled to welcome one of the most celebrated singer-songwriters of our time, Rod Stewart, to the Iconic family,” said Irving Azoff, chairman and CEO of Iconic. "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.”
“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,” said Scot French, governing partner at HPS.
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 acted as financial advisor to HPS Investment Partners, and Latham & Watkins acted as legal advisor.
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