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The industry murmurings were true – Sony Music Publishing (SMP) has officially acquired the complete music rights portfolio of the Blackstone-owned Recognition Music Group.

The details:

Financial terms of the deal have not been announced, though estimates range from $2 billion (Billboard) to between $3.5-$4 billion (Bloomberg).
SMP acquired the catalog in partnership with Sony Music Group’s investment joint venture with Singapore sovereign wealth fund GIC.
Sony Bank Inc. also participated in the investment.

To clarify:

In 2024, Blackstone acquired Hipgnosis Songs Fund, the publicly listed music-rights investment company.
In March 2025 it consolidated Hipgnosis Songs Fund, Hipgnosis Songs Assets and Hipgnosis Song Management under the new brand Recognition Music Group.
This deal relates to those entities.
Confusingly, after the consolidation, some Hipgnosis-related units temporarily retained the Hipgnosis name, including Hipgnosis Songs Group.
In 2025 Sony Music Publishing acquired Hipgnosis Songs Group – the former Big Deal Music business that Hipgnosis Songs Fund acquired in 2020 – including a catalog of around 4,400 copyrights.

Why it matters:

Amongst Recognition’s catalog of more than 45,000 works are some of music’s most iconic songs, including:
“Don’t Stop Believin’” by Journey
“Go Your Own Way” by Fleetwood Mac
“Locked out of Heaven” by Bruno Mars
“Livin’ On A Prayer” by Bon Jovi
“Umbrella” by Rihanna
“Hallelujah” by Leonard Cohen
“All I Want for Christmas Is You” by Mariah Carey
“Single Ladies (Put a Ring on It)” by Beyoncé
“Black Hole Sun” by Soundgarden
“Whenever, Wherever” by Shakira

What they said:

Rob Stringer, Chairman, Sony Music Group: “We are so proud and excited to represent this incredible catalog of many of the greatest songs in pop history through this momentous acquisition.”
Jon Platt, Chairman & CEO, Sony Music Publishing: “Our investment in this extraordinary catalog reflects our belief in the enduring power of great music – a belief that resonates deeply throughout Sony Music Group and is shared by our partners at GIC. These timeless songs continue to define culture and inspire generations, and it is a privilege to champion their legacy as guardians of their next chapter.”
Qasim Abbas, Senior Managing Director and Head of Tactical Opportunities International at Blackstone: “This transaction 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. Sony is an exceptional home for these iconic catalogs, and we look forward to continuing to invest across the music sector through Recognition.”