– Sony Music Publishing said on Monday it would buy Recognition Music Group‘s entire catalog of works from funds managed by Blackstone, gaining access to more than 45,000 songs including those from Beyonce, Fleetwood Mac and Rihanna.
Financial terms of the acquisition were not disclosed by the companies. The deal was for about $4 billion, a source familiar with the transaction said, requesting anonymity as the matter was private.
Record labels and publishers are racing to secure ownership of music rights amid strong and predictable revenues from streaming platforms.
Media companies are increasingly seeking well-known songs to anchor films, documentaries and television series, as streaming services look to deep catalogs to bolster premium content offerings and drive subscriber growth.
Rival platforms and rights holders such as Warner Music Group, Spotify and Amazon Music have similarly expanded their focus on music catalogs.
The deal is being made in partnership with an investment venture announced earlier this year between Sony Music Group and Singapore sovereign wealth fund GIC, aimed at acquiring and growing premium music catalogs across genres and global markets.
(Reporting by Kritika Lamba in Bengaluru; Additional reporting by Anhata Rooprai; Editing by Sriraj Kalluvila)
