Rock & Roll Hall of Famers Beach Boys have sold a controlling stake in their intellectual property to Irving Azoff's Iconic Artists Group.
Iconic Artists acquired a controlling interest in The Beach Boys' intellectual property, including their sound recordings, the brand, select musical compositions and memorabilia.
Meanwhile, the members of the Beach Boys and their heirs will retain an interest in their assets to "participate in the upside Iconic expects to create by actively marketing and promoting the Beach Boys." Other terms of the deal were not disclosed.
"The Beach Boys are an American treasure," said Azoff. "I am honored that the Beach Boys have entrusted Iconic to preserve and grow their legacy. And I'm thrilled that the Beach Boys want to stay invested in the growth of the incredible cultural brand they created."
Beach Boys join a series of musicians including Bob Dylan, Neil Young and Stevie Nicks, who recently sold some or all of their publishing rights for huge sums.
(Photo: Louise Palanker)
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