Private equity firm Apollo Global Management made a $700 million investment in music company Sony Music. The investment is expected to help Sony Music expand its publishing rights portfolio with new music acquisitions.
Sony Music is currently working on acquiring the publishing and streaming rights to the music catalog of the legendary British rock band Queen. The deal, which is expected to be funded with Apollo’s investment, is believed to be worth north of $1 billion.
According to Apollo, the Sony Music investment will allow its clients to become involved in “high grade securities.”
“We are pleased to provide a bespoke capital solution to an affiliate of one of the world’s leading companies,” Jamshid Ehsani, a partner at Apollo, said in a statement. “This investment allows our clients to invest in high grade securities while helping Sony to execute its business plans.”
Apollo, which manages $671 billion in assets, has been increasingly involved in the music industry in recent years. The firm provided financial backing to HarborView Equity Partners, a company focused on investments in the media and entertainment industry, in 2021.
It is also not strange for Sony Music to team up with outside investors in order to acquire new music. The company previously partnered with Eldridge Industries to acquire Bruce Springsteen‘s music catalog in a $500 million agreement.