Hipgnosis Songs Fund Limited (LON:SONG) has acquired a catalogue of music from David A Stewart – the English musician best known for Eurythmics, the music duo he founded with Annie Lennox back in the eighties.
In return for an undisclosed upfront fee, Hipgnosis will now receive the royalties from more than 1,000 which would have been paid to Stewart.
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The 66-year-old co-wrote and produced each of Eurythmics’ albums, three of which reached the number one spot in the UK. In total, Eurythmics is estimated to have sold more than 100mln albums around the world.
Stewart also helped pen the band’s most famous track, Sweet Dreams (Are Made of This), which was one of 13 Eurythmics number ones he co-wrote.
As well as his successes with Eurythmics, Stewart has produced and written songs for a number of other artists, including Tom Petty, Stevie Nicks, Bon Jovi and Mick Jagger.
He has also worked on more recent songs with artists such as Gwen Stefani and Katy Perry.
‘An incredible moment’
“I consider [Stewart] to be one of the most important songwriters, artists and producers of all time,” said Hipgnosis founder Merck Mercuriadis.
“The work he and Annie did together as Eurythmics defines the 1980s and 1990s but still remains timeless today.
“He brought the same spirit to the Top 5 and Number 1 hits he produced and wrote with Tom Petty, No Doubt, Shakespear's Sister and so many more.”
He added: “It's an honour for Nile Rodgers and I to welcome Dave to our Advisory Board and to the Hipgnosis family.”
Hipgnosis shares were down 0.5% to 102.5p on Friday morning.