Apollo has introduced it has offered a $700 million ‘capital resolution’ to Sony Music Group for investments within the music trade. May this be associated to the rumored Queen catalog buy?
Two weeks in the past a number of sources spoke to Selection a couple of potential Queen music catalog acquisition by Sony Music in a £1 billion ($1.27B) deal. As a part of that deal, the one income not lined is for reside performances, which founding members Brian Might and Roger Taylor will retain whereas touring with Adam Lambert. That report prompt one other get together was thinking about bidding for the catalog, however stopped wanting a billion-dollar supply—leaving Sony Music because the get together for world publishing rights, title and likeness rights, and recorded music rights.
Apollo associate Jamshid Ehsani stated in a statement: “We’re happy to supply a bespoke capital resolution to an affiliate of one of many world’s main firms. This funding permits our purchasers to put money into excessive grade securities whereas serving to Sony to execute its enterprise plans.”
The corporate is a worldwide different asset supervisor with a number of ties to the music trade. It’s the monetary backer behind HarborView fairness Companions, a music IP funding agency that launched in 2021. Apollo additionally not too long ago acquired CKx. Inc, proprietor of 19 Leisure—a producer of leisure properties like American Idol and So You Assume You Can Dance.
In 2022, Apollo additionally structured an enormous asset-backed safety transaction for Harmony, which was a $1.8 billion bond providing based mostly on Harmony’s catalog of roughly a million music copyrights. Harmony not too long ago pulled out of the Hipgnosis Songs Fund bidding warfare, leaving Blackstone the winner in that takeover. Apollo dedicated each debt and minority fairness to establishing the deal earlier than, nonetheless.
As of March 31, 2024 Apollo has roughly $671 billion of belongings underneath administration. Apollo says it gives its purchasers with a give attention to three investing methods—yield, hybrid, and fairness.
