Sony Group is making a major push into music rights, reportedly closing in on a deal worth nearly $4 billion to gain exposure to catalogs linked to Fleetwood Mac, Red Hot Chili Peppers, Shakira, Journey, Justin Bieber, Neil Young, and others.

Sony is in exclusive talks to acquire Blackstone’s Recognition Music Group, which owns or manages rights to more than 45,000 songs, according to Bloomberg, citing sources.

The transaction would be structured as a joint venture with Singapore’s sovereign wealth fund GIC, with a total valuation of about $3.5 billion to $4 billion.

The music rights deal underscores how major entertainment companies are increasingly viewing hit songs as premium long-term assets, with catalog ownership generating steady revenue from streaming, licensing, and use in film, TV, and advertising.

It also comes amid intense competition for top-tier music rights, as record labels, private equity firms, and other investors continue to pursue catalogs that offer predictable, long-term returns.

Recognition Music Group traces its origins to Hipgnosis Songs, founded by Merck Mercuriadis in 2018. During the pandemic-era surge in music catalog acquisitions, Hipgnosis became one of the most aggressive buyers in the industry.

The company spent heavily on high-profile catalogs, including about $200 million for Justin Bieber’s rights, and struck deals with artists such as Justin Timberlake, Lindsey Buckingham, Red Hot Chili Peppers, and Timbaland, among many others.