Sony Music will acquire the rights to iconic songs of Beyoncé, Leonard Cohen, and other musical giants from financial heavyweight Blackstone - a deal reportedly worth about $4 billion.
The purchase of Blackstone's London-based Recognition's catalogue, featuring more than 45,000 songs, is part of Sony's partnership with Singapore investment entity GIC, which announced the deal on Monday.
The Financial Times reported the deal was worth around $4 billion, citing a person familiar with the matter.
Sony and GIC did not immediately respond to an AFP request for comment about the value of the transaction. Recognition declined to comment.
The transaction positions Sony for streaming payments for hit songs ranging from Journey's Don't Stop Believin' and Beyoncé's Single Ladies (Put a Ring on It) to Lady Gaga's Bad Romance and Leonard Cohen's Hallelujah.
Recognition, originally known as Hipgnosis Songs Fund, went public in 2018 before being acquired in 2024 for $1.6 billion by asset manager Blackstone, which gave it its new name.
Blackstone Senior Managing Director Qasim Abbas said the deal "delivers a strong outcome for Blackstone and our investors and represents a further vote of confidence in music rights as an institutionally established asset class".
Sony Music Chairman Rob Stringer said: "We are so proud and excited to represent this incredible catalogue of many of the greatest songs in pop history through this momentous acquisition."
Source: AFP
