Sony Group's (TYO:6758) Sony Music is close to finalizing an agreement to purchase a music rights portfolio from Blackstone, which includes songs by Neil Young and Justin Bieber, Bloomberg News reported on Thursday, citing people familiar with the matter.
The deal is expected to be among the largest of its kind in music industry history, the news wire said.
Sony has entered exclusive talks to buy Recognition Music Group, which holds or administers the rights to over 45,000 tracks, through a partnership with Singapore's sovereign wealth fund, GIC, as part of the transaction, the publication said, citing the people.
The people familiar with the matter, who spoke on condition of anonymity due to the confidential nature of the negotiations, indicated that the price tag will range from $3.5 billion to $4 billion, the report said.
Representatives for both Blackstone and Sony Music declined to provide comments, it added.
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