Sony Music Group is finalising a deal to acquire Blackstone's Recognition Music Group for between $3.5 billion and $4 billion (£2.57 billion to £2.94 billion), in what would rank as one of the largest music rights transactions on record, The Straits Times reported, citing people familiar with the negotiations.
The acquisition would be structured through a joint venture between Sony and Singapore's sovereign wealth fund GIC, which the two parties established in January with an initial commitment of $2 billion (£1.47 billion) to purchase music assets. Sony is in exclusive negotiations with the private equity giant and both sides are pushing to close within the next seven days, though the talks could still collapse.
