Sony Music buys Recognition's music catalog with hits by Beyoncé and Leonard Cohen

(AFP) Sony Music will buy the rights to iconic songs by Beyoncé, Leonard Cohen and other music giants from investment manager Blackstone in a deal valued at about $4 billion.

The purchase of the catalog from Recognition, a firm based in London with a collection of more than 45,000 songs, is part of Sony's partnership with Singaporean investment entity GIC, which announced the deal Monday.

The Financial Times reported that the deal is valued at about $4 billion, citing a person familiar with the transaction.

Sony and GIC did not immediately respond to AFP's request for comment on the value of the deal. Recognition also declined to comment.

Payment for streaming plays

The transaction leaves Sony in a position to receive payment for streaming plays of hits ranging from Journey's "Don't Stop Believin'" and Beyoncé's "Single Ladies (Put A Ring On It)" to Lady Gaga's "Bad Romance" and Leonard Cohen's "Hallelujah."

Recognition, originally Hipgnosis Songs Fund, went public in 2018 before being acquired in 2024 for $1.6 billion by U.S. asset manager Blackstone, which gave it its new name.

The deal "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," said Qasim Abbas, senior managing director at Blackstone.

Sony Music President Rob Stringer said on his side, "We are so proud and excited to represent this incredible catalogue of many of the greatest songs in pop history through this momentous acquisition."