(Reuters) – Private equity firm Blackstone Inc said on Tuesday it would employ $1 billion in partnership with Hipgnosis Songs Management to buy music rights, record songs and manage catalogues, at a time when online streaming has gained popularity.
As part of the partnership, Blackstone will take an ownership stake in Hipgnosis Song Management, an adviser to the London-listed investor of music catalogues Hipgnosis Songs Fund, which will also benefit from the investment in the form of rights to co-invest in future acquisitions.
(Reporting by Yadarisa Shabong in Bengaluru; Editing by Vinay Dwivedi)
