Sony announced that it will be acquiring the complete music catalogue of Recognition Music Group.
It will acquire Recognition Music Group from funds managed by Blackstone, gaining more than 45,000 songs from artists like Beyonce, Fleetwood Mac and Rihanna.
While the companies have not revealed the financial terms of the deal, a source familiar with the transaction told Reuters it was for around US$4 billion (A$5.54 billion).
Record labels and publishers are racing to secure ownership of music rights amid strong and predictable revenues from streaming platforms.
“Our investment in this extraordinary catalogue reflects our belief in the enduring power of great music – a belief that resonates deeply throughout Sony Music Group and is shared by our partners at GIC,” Sony Music Publishing CEO and chairman, Jon Platt, said.
“These timeless songs continue to define culture and inspire generations, and it is a privilege to champion their legacy as guardians of their next chapter.”
Meanwhile, Qasim Abbas from Blackstone called it a “strong outcome” and a “further vote of confidence in music rights as an institutionally established asset class".
