As expected, Sony Music Publishing has announced an agreement to acquire the complete music rights portfolio of Recognition Music Group from funds managed by Blackstone, subject to customary closing conditions.
Terms of the deal were not announced, but sources and Billboard have valued the catalog in the $2 billion range, although estimates vary widely.
The deal will see Sony Music Publishing acquiring Recognition’s entire catalog of works, which includes shares in more than 45,000 songs, among them Journey’s “Don’t Stop Believin’,” Red Hot Chili Peppers’ “Under the Bridge,” Fleetwood Mac’s “Go Your Own Way,” Beyoncé’s “Single Ladies (Put A Ring On It),” Bruno Mars’ “Locked Out of Heaven,” Leonard Cohen’s “Hallelujah,” Chic’s “Good Times,” Soundgarden’s “Black Hole Sun,” Lady Gaga’s “Bad Romance,” Bon Jovi’s “Livin’ On A Prayer,” Rihanna’s “Umbrella,” Eurythmics’ “Sweet Dreams (Are Made Of This),” Shakira’s “Whenever, Wherever,” Steve Winwood’s “Higher Love” and Mariah Carey’s “All I Want For Christmas Is You,” among many others.
The deal is in partnership with the investment venture announced earlier this year between GIC and Sony Music Group, focused on acquiring music catalog assets across genres and international markets.
The transaction follows Sony Music Publishing’s previous acquisition of Hipgnosis Songs Group in 2025, reflecting its continued collaboration with Recognition and Blackstone. Beginning in the mid-2010s, companies under the Hipgnosis umbrella went on a buying spree, paying top dollar for catalogs and other assets, including many of the above-listed songs. It spent more than $3 billiion and drove up the value of music catalogs considerably. However, the company became unstable and beginning in 2021, Blackstone acquired Hipgnosis Songs Capital for around $800 million, then bought the administration division of Hipgnosis Songs Management, before acquiring the publicly traded catalog assets of Hipgnosis Songs Fund for $1.6 billion in April 2024
Jon Platt, Chairman & CEO, Sony Music Publishing, said, “Our investment in this extraordinary catalog reflects our belief in the enduring power of great music – a belief that resonates deeply throughout Sony Music Group and is shared by our partners at GIC. These timeless songs continue to define culture and inspire generations, and it is privilege to champion their legacy as guardians of their next chapter.”
Qasim Abbas, Senior Managing Director and Head of Tactical Opportunities International at Blackstone, said, “This transaction delivers a strong outcome for Blackstone and our investors and represents a further vote of confidence in music rights as an institutionally established asset class. Sony is an exceptional home for these iconic catalogues, and we look forward to continuing to invest across the music sector through Recognition.”
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Ben Katovsky, Recognition Music Group CEO, stated, “It has been an honor to steward this phenomenal catalogue. The team and I are incredibly proud of what we have built at Recognition – protecting and enhancing the legacy and value of these songs while in our care. This is a milestone moment for Recognition and testament to the enduring value of music.”
Sony Bank Inc. is participating in this investment. Sony Music Publishing was represented in the transaction by Simpson Thatcher & Bartlett LLP, Loeb & Loeb LLP, Cleary Gottlieb Steen & Hamilton LLP, Ernst & Young, and PricewaterhouseCoopers LLP.
Blackstone and Recognition were advised by Shot Tower, Kirkland & Ellis LLP, Latham & Watkins LLP, and Deloitte.
From Variety US