Sony Music will acquire the rights to iconic songs of Beyonc\u00e9, Leonard Cohen, and other musical giants from financial heavyweight Blackstone – a deal reportedly worth about $4 billion. <\/p>\n
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.<\/p>\n
The Financial Times reported the deal was worth around $4 billion, citing a person familiar with the matter.<\/p>\n
Sony and GIC did not immediately respond to an AFP request for comment about the value of the transaction. Recognition declined to comment.<\/p>\n
The transaction positions Sony for streaming payments for hit songs ranging from Journey’s Don’t Stop Believin’ and Beyonc\u00e9’s Single Ladies (Put a Ring on It) to Lady Gaga’s Bad Romance and Leonard Cohen’s Hallelujah.<\/p>\n
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.<\/p>\n
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”.<\/p>\n
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.”<\/p>\n
Source: AFP<\/p>\n