Rod Stewart might be the next big artist to sell his legendary catalog, but not just yet.
Per Billboard, the singer was close to a deal with Hipgnosis. Talks with the company lasted two years only for Stewart to back out of a potential sale.
So, what happened? Stewart said in a statement, “This catalog represents my life’s work. 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.”
Billboard noted, “Further details about the potential catalog sale are not known, including whether he intended to sell his full catalog or just a smaller piece or royalty stream. Stewart’s team declined to comment further on the deal when asked for specifics.”
The outlet said additional sources speculated this move by Stewart might be strategic. They said that publicly backing out of a deal could be a “great way to drum up business for the catalog.”
It’s no secret there’s big money to be made in catalog sales. Earlier this week, rumors began to circulate about Queen being in the market with their catalog. Reportedly, Universal Music Group is in discussions to acquire the Queen catalog for over $1 billion.