Sony Music Group is forming a music rights-buying joint venture with Singapore\u2019s sovereign wealth fund, GIC Pte.<\/p>\n
Bloomberg<\/em> reports<\/a> that GIC and Sony plan to invest $2 billion to $3 billion<\/strong> in the venture.<\/p>\n According to Bloomberg<\/em>, Sony and GIC plan to pursue “high-quality, marquee music assets across a range of genres”.<\/p>\n \u201cAs a long-term investor, GIC seeks to be a creative and flexible capital partner to strategic industry leaders like Sony,\u201d Girish Karira, head of the sovereign fund\u2019s integrated strategies group, said in a statement.<\/p>\n \u201cPartnering with GIC brings together long-term capital and Sony Music Group\u2019s operational capabilities to acquire and manage premier catalogs, creating new opportunities for artists\u2019 and songwriters\u2019 music globally.\u201d<\/p>\n Kevin Kelleher, Sony Music<\/span><\/p><\/blockquote>\n \u201cPartnering with GIC brings together long-term capital and Sony Music Group\u2019s operational capabilities to acquire and manage premier catalogs, creating new opportunities for artists\u2019 and songwriters\u2019 music globally,\u201d Kevin Kelleher, Sony Music\u2019s Chief Operating officer, is quoted as saying in a statement.<\/p>\n Sony Music Group<\/a> Chairman and CEO Rob Stringer revealed<\/a> last June that the company had spent $2.5 billion<\/strong> on over 60 deals in the past year.<\/p>\n Speaking during Sony Group\u2019s 2025 Business Segment Presentation for investors, \u00a0Stringer said that the music company \u201ccompleted more than 60<\/strong>\u00a0investments in the past year alone\u201d and spent \u201cover\u00a0$2.5 billion<\/strong> for frontline, catalog, as well as creative and service ventures with outside entrepreneurs across a vast number of territories\u201d.<\/p>\n The company’s acquisitions have included the catalogs of iconic artists like Queen<\/strong><\/a>\u00a0and\u00a0Pink Floyd<\/a>.<\/strong><\/p>\n Meanwhile, Sony isn’t the only major music company to team up with deep-pocketed financial players to establish billion-dollar-plus funds to buy music rights.<\/p>\n In July last year,\u00a0Warner Music Group<\/a>\u00a0and private investment giant Bain Capital<\/strong>\u00a0unveiled<\/a>\u00a0their plans for a $1.2 billion music rights-buying joint venture.<\/p>\n