Investment giant Apollo Global Management is backing Sony Music Group with $700 million to help the company fund music acquisitions, it announced on Friday (July 26).
The deal could provide the financial support needed for Sony's planned acquisition of Queen's recording and music publishing catalogs. Sources said Advertising sign the group is seeking $1.2 billion for its catalogs and ancillary revenue streams and Bloomberg reported in May that Sony Music was working with another investor on the deal.
“We are pleased to provide a customized capital solution to a subsidiary of one of the world's leading companies,” said Apollo partner Jamshid Ehsani in a statement. “This investment allows our customers to invest in high-quality titles while helping Sony execute its business plans.”
Apollo, which has $671 billion in assets under management, is no newcomer to music copyright. The company is the financial backer of HarborView Equity Partners, an investment company launched in 2021 by Sherrese Clarke Soares, co-founder and former CEO of Tempo Music. In 2011, Apollo acquired CKx, Inc., its owner American Idol and So you think you can dance producer 19 Entertainment.
Music companies occasionally partner with financial firms to acquire catalogs. In fact, Sony has gone this route before: In 2021, the company teamed up with Eldridge to pay $500 million for Bruce Springsteen's recorded music and publishing catalogs. (Eldridge is an investor in Advertising signits owner, Penske Media Corporation.) In 2023, Shamrock Holdings joined Universal Music Group's $200 million acquisition of certain income streams and musical assets of hip-hop producer and artist Dr. Dre.
