Tom Petty and Jeff Lynne are officially being credited as co-writers of Sam Smith's breakout hit "Stay with Me."

While some immediately noted striking similarities between "Stay" and Petty's 1989 single "I Won't Back Down," The Sun reported over the weekend that Smith and Petty's camps worked out a deal back in October for the latter to receive a 12.5% cut of royalties. Additionally, Petty and Lynne (the co-writers of "Down") are now credited on ASCAP for writing alongside Smith, Jimmy Napier and William Phillips.

"Stay with Me," which has sold more than 6 million copies worldwide, is up for Record of the Year and Best Pop Solo Performance at the Grammys next month. Interestingly, the track is also nominated for Song of the Year, which is awarded to the songwriter(s).

As of Monday morning, Smith's reps have released the following statement:

Recently the publishers for the song "I Won't Back Down," written by Tom Petty and Jeff Lynne, contacted the publishers for "Stay With Me," written by Sam Smith, James Napier and William Phillips, about similarities heard in the melodies of the choruses of the two compositions. Not previously familiar with the 1989 Petty/Lynne song, the writers of "Stay With Me" listened to "I Won't Back Down" and acknowledged the similarity. Although the likeness was a complete coincidence, all involved came to an immediate and amicable agreement in which Tom Petty and Jeff Lynne are now credited as co-writers of "Stay With Me" along with Sam Smith, James Napier and William Phillips.