Sony Music buys the rights to 45,000 hit songs from Blackstone in £3bn mega deal
Sony Music Group is buying more than 45,000 songs from Blackstone for just under £3billion.
The US giant has agreed to buy the rights to hits including Mariah Carey’s ‘All I Want for Christmas Is You’, Rihanna’s ‘Umbrella’ and ‘Single Ladies’ by Beyonce from Recognition Music.
The deal also includes popular songs by Fleetwood Mac, Bruno Mars and Leonard Cohen.
Sony did not disclose the value of the deal but it is reportedly worth around £2.9billion.
The company’s chairman and chief executive 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.’
Sony has struck several major deals for music catalogues over the past five years, with swoops including the rights to songs by Queen and Pink Floyd.
Blackstone created Recognition after its £1.2billion takeover of music investment group Hipgnosis Songs Fund, founded by Beyonce’s former manager Merck Mercuriadis.
Hits: Sony has agreed to buy the rights to songs including Rihanna’s ‘Umbrella’ and ‘Single Ladies’ by Beyonce (pictured) from Recognition Music
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