Sir Rod Stewart sells his music rights for $100 million

The company Iconic Artists Group acquired the British artist's discography the same year that he is celebrating his sixth decade in the music industry.

British artist Sir Rod Stewart, known for his hits such as Have You Ever Seen The Rain (1970), among others, announced he is selling the rights to his music catalog to the company Iconic Artists Group for nearly $100 million.

The company owned by Irving Azoff said in a statement that the purpose of acquiring Stewart's discography is "to develop and expand his six-decade musical legacy to new generations of fans."

The British singer said, in statements reported by People magazine, that it was the right time to sell his rights. This year marks his sixth decade in the music industry:

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.

Stewart is the latest to join the list of artists who have decided to sell their music rights. They hope it will make their creations last. Others who also did so were Katy Perry, Keith Urban and Justin Bieber, among others.