Dave Stewart, who together with Scots singer Annie Lennox made the Eurythmics one of the most successful UK bands ever, has sold his rights to over 1,000 songs to a music investment fund.
The stock market listed Hipgnosis Songs Fund has acquired the music catalogue from Stewart, who has also worked with artists include Mick Jagger, Bob Dylan and Katy Perry, for an undisclosed sum.
Stewart co-wrote and produced each of Eurythmics' albums, including eight Top 5 and three Number 1 UK albums, which are estimated to have sold over 100 million albums worldwide.
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With Eurythmics, Stewart co-wrote 13 US Number 1 singles, including Sweet Dreams (Are Made of This), Would I Lie To You and There Must Be An Angel (Playing With My Heart).
According to the British Phonographic Institute (BPI), Sweet Dreams is the most streamed song of any song originally released in 1983.
Under the deal Hipgnosis has acquired 100% of Stewart's copyright interest in his catalogue, comprising 1,068 songs in total, which includes his writer's, artist's and producer's share of income.
Merck Mercuriadis, founder of the Hipgnosis Songs Fund and a former music industry executive, said: "This is an incredible moment for Hipgnosis. I have been lucky enough to know Dave since the summer of 1983 and I have spent most of those 35 years marvelling at his incredible work.
"I consider him to be one of the most important songwriters, artists and producers of all time. The work he and Annie did together as Eurythmics defines the 1980s and 1990s but still remains timeless today.”
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Stewart said: "Merck understands that without the song there is nothing and therefore holds songs with the utmost respect, hence understanding their impact on society and their long term value.
"He sees his company more like a song management company unlike many publishers who act more like a collection agency and wait for the money to pour in. I'm excited to be on the advisory board of this forward thinking company and sure we will have great success together."
