Sony Music is in final stages to acquire Recognition Music Group from Blackstone in a deal valued $3.5‑$4 billion.
The acquisition will be executed via a joint venture between Sony Music and Singapore sovereign wealth fund GIC.
Recognition Music Group controls rights to over 45,000 songs, including tracks by Justin Bieber and Neil Young.
Sony shares rose 2.63% and Blackstone rose 0.92% following the news.