Record label Sony Music is receiving an amount of $700 million from investment giant, Apollo Global Management to help it in the acquisition of music catalogues.
The announcement came from a statement on Friday, 26th July 2024.
The new deal presented by Apollo Global Management is set to financially aid Sony Music in its planned acquisition of British rock band Queen’s recording music and publishing. Earlier this year, the rock band reportedly demanded $1.2 billion for its music catalogues and ancillary income streams. According to a Bloomberg report in May, Sony Music was working with another investor on the deal.
When it comes to music intellectual property and catalogue acquisition, Apollo which is worth 671 billion dollars in Assets under Management is not a newcomer as it is a financial backer of HarborView Equity Partners, an investment firm launched in 2021 by Sherrese Clarke Soares, co-founder and former CEO of Tempo Music.
Commenting on the deal, Apollo partner Jamshid Ehsani said in a statement;
“We are pleased to provide a bespoke capital solution to an affiliate of one of the world’s leading companies, This investment allows our clients to invest in high-grade securities while helping Sony to execute its business plans.”
