Rod Stewart has sold his song catalog for $100 million to Irving Azoff’s Iconic Artists Group, according to a New York Times report, which cites an article in The Wall Street Journal.

People familiar with the transaction told The Wall Street Journal that the rights Stewart sold span his solo career as well as his time as a member of Faces and the Jeff Beck Group.

The song catalog includes 10 No. 1 albums overall, and studio albums that sold more than one million copies each, The Journal reported, confirming that Azoff, the former CEO of Ticketmaster and co-founder of IAG, inked the agreement with Stewart after he backed out of a potential deal to sell his catalog to London-based song-catalog manager Hipgnosis in May following two years of negotiations.

Hipgnosis’s shareholders reportedly have its founder Merck Mercuriadis in the hot seat over alleged mismanagement, The Journal reported.

IAG has also raised more than $1 billion in new capital for future catalog investments led by the private markets investment firm HPS Investment Partners, the people told The Journal.

Stewart joins an IAG roster that includes the Beach Boys, Cher, Joe Cocker, Nat King Cole, David Crosby, Dean Martin, Linda Ronstadt, Graham Nash and Stephen Stills, per the management company’s website.

On Feb 23, the songwriter is set to release his 32nd studio album, “Swing Fever,” on the world tour he’s currently on, scheduled to end in September.

Rod Stewart sold his song catalog, including hits like “Maggie May” and “Do Ya Think I’m Sexy,” as well as some name and likeness rights to Irving Azoff’s Iconic Artists Group for a $100 million

Many music management companies have looked to dump capital into the market since the pandemic, when low interest rates made music catalogs an attractive investment for their relatively-predictable steady returns, reported The Journal.

The appetite for music rights peaked in 2021 and 2022, with many catalogs raking in as much as 20 times their annual earnings, reported the Journal.

Meanwhile, IAG has said that it wants to function as an operating company instead of merely a fund.

IAG said it plans to add value to song catalogs by focusing on ancillary projects that could serve as revenue streams.