Sony and Singapore’s sovereign wealth fund GIC will form a joint venture to invest more than $1bn in music catalogues, in the latest tie-up between media giants and money managers for a lucrative corner of the entertainment market.
The venture aims to buy music copyrights across a range of genres, the companies said on Thursday without disclosing the amount committed. People with knowledge of the agreement said it would be more than $1bn.
Song rights have become an attractive asset class for professional investors in recent years as streaming has resuscitated the music industry. Wall Street firms including Blackstone, Apollo and KKR have invested billions of dollars in music catalogues.
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