Sony to Pay Almost $4B for Bieber, Neil Young Catalog

Summary

Bloomberg reports Sony is finalizing a deal to acquire a music catalog from Blackstone that includes works by Justin Bieber and Neil Young for nearly $4 billion. The deal could be announced within a week. Blackstone's portfolio includes the old Hypnosis music fund, and private equity funds are taking profits as traditional record labels snap up assets.

• Sony Music is acquiring a music catalog from Blackstone for almost $4 billion.
• The catalog includes works by Justin Bieber and Neil Young.
• The deal is one of the largest music catalog acquisitions in history.
• Sony formed a joint venture with Singapore's sovereign wealth fund to help finance the purchase.
• The announcement could come within a week.
• Blackstone had amassed the catalog through the publicly traded Hypnosis music fund.
• Private equity firms are cashing out on music assets as traditional labels buy them.