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The Beach Boys is the latest iconic act to sell off intellectual property rights.

Per Billboard and Variety, Iconic Artists Group, which was launched by legendary music manager Irving Azoff, now has a majority stake in the intellectual rights of a number of facets of The Beach Boys. Among those rights are sound recordings, select compositions and other aspects of the Beach Boys brand, including memorabilia.

This deal, however, does see the members of the Beach Boys and their various heirs retain a portion of their rights.

Brian Wilson, Mike Love, Al Jardine and the estate of Carl Wilson said in a joint statement, “The Beach Boys and our songs have been one of the great joys of our lives. For more than half a century, we’ve witnessed generations of fans from all corners of the world come together to celebrate our music, dancing and singing along to the songs that we have loved and performed for decades. As we look towards the upcoming 60th anniversary of The Beach Boys, we wanted a partner to help expand opportunities for our brand, while continuing to preserve our tradition as a band whose music transcends the test of time.”

The statement concluded, “We are confident that Irving and Iconic are the ideal partners and are confident that The Beach Boys’ ongoing legacy is in the best possible hands. We are very proud of what we have achieved as The Beach Boys and how our songs continue to resonate with our fans.”

Variety notes, “While artists from Bob Dylan to Calvin Harris have sold their publishing or recorded-music assets over the past few years, this more-encompassing move seems most similar to recent deals made by Primary Wave, which has not only acquired song-based assets but also artist brands and likenesses, such as their 2017 deal with the Bob Marley estate.”

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Erica Banas is a rock/classic rock news blogger who's well versed in etiquette and extraordinarily nice.