Shares of SONY are trading down 4.01% to $19.90 today. The decline comes as the company is reportedly in the final stages of a deal to acquire a massive music catalog from Blackstone.
- Sony Music, through a joint venture with Singapore's GIC, is expected to pay between $3.5 billion and $4 billion for Recognition Music Group.
- The catalog includes rights to works by major artists such as Justin Bieber, Neil Young, and Shakira.
- The deal is one of the largest in music history and would significantly expand Sony's dominance in music publishing.