Rod Stewart will not be pursuing the potential catalog sale to Hipgnosis Songs Capital after two years of negotiations.
A representative for Stewart confirmed the development to Billboard, saying that the singer opted to retain his ownership over his song catalog. Even after the cancelation of the talks, details regarding the sale - including whether he wanted to sell his full catalog or only a part of it - remain unknown.
Why Rod Stewart Is No Longer Interested in Selling Catalog to Hipgnosis
Billboard tried to reach out Hipgnosis for comments, but the company declined due to a non-disclosure agreement. Meanwhile, the 78-year-old rocker confirmed in a statement to the magazine and People the reason why he backed out.
"This catalog represents my life's work," he said. "And it's become abundantly clear after much time and due diligence that this was not the right company to manage my song catalog, career or legacy."
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Meanwhile, two music asset buyers told Billboard that Stewart released the statement to attract potential suitors who want to acquire his music catalog and "drum up business." However, another insider dismissed the idea as they believe Stewart, being an A-lister, does not need to do anything to gain buyers' attention.
Hipgnosis previously secured deals with other artists, with Justin Bieber's catalog as one of the most recent acquisitions after the company bought it for $200 million in January. It also landed the deals for the music of Neil Young, Christine McVie, Shakira, and Lindsey Buckingham, among others, in 2021.
Rod Stewart's Catalog
The pop music industry boasts Stewart's works and contributions in the past few decades since he expanded his solo career in 1971 through the album, "Every Picture Tells A Story." His hit song, "Maggie May," also dominated the charts which made him one of the biggest names on the Billboard Hot 100 chart.
He remains one of the best-selling music artists of all time with several number 1 albums and singles over the past years.
Despite his age, Stewart continues to perform with his colleagues and other music artists. He notably performed at Jeff Beck tribute concerts at the Royal Albert Hall alongside Johnny Depp, Kirk Hammett, Ronnie Wood, and Eric Clapton, to name a few.
His most recent album, his 31st studio album, "The Tears of Hercules," was released in November 2021. The music project made him the fifth British act in the UK chart history to have more than 10 No. 1 albums.
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