Sony, Singapore’s GIC to Invest $2 Billion in Music Catalogs
Photographer: Mike Kemp/In Pictures/Getty Images
Sony Music Group and Singapore’s GIC Pte sovereign wealth fund are forming a joint venture to acquire music copyrights, with plans to invest $2 billion to $3 billion in the project.
The music division of Sony Group Corp., one of the world’s largest record companies, will manage the acquired catalogs, handling distribution to streaming services and licensing older songs for use in films and commercials, the parties said Wednesday. GIC is providing capital and investment expertise.