pakistan
Sony Music Publishing to buy recognition music catalog in $4 billion deal
Key takeaways
- Financial terms of the acquisition were not disclosed by the companies.
- Record labels and publishers are racing to secure ownership of music rights amid strong and predictable revenues from streaming platforms.
- Rival platforms and rights holders such as Warner Music Group, Spotify and Amazon Music have similarly expanded their focus on music catalogs.
Why this matters: local context for readers following news across Pakistan and the region.
Add ARY News on Google AAResize 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.
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