Sony Music will pay almost 4 billion dollars (3.3 billion euros) for the music catalogs of Justin Bieber and Neil Young, among others.
Sources report to Bloomberg that the media company is finalizing a deal to acquire the collection of financing company Blackstone Inc., which includes the music of the two mega-artists.
It would be one of the largest rights transactions in music history. The deal would include more than 45,000 songs. Sony wants to buy Recognition, the arm of Blackstone that invests in music portfolios, through a joint venture with a Singaporean fund.
Negotiations are still ongoing, but the deal is expected to be finalized in the coming week.
Also listen to the AD Media Podcast below. You can find all our podcasts at ad.nl/podcasts.
Watch our Show & Entertainment videos below: