“As a long-term investor, GIC seeks to be a creative and flexible capital partner to strategic industry leaders like Sony,” Girish Karira, head of the sovereign fund’s integrated strategies group, said in a statement.
(Jan 29): Sony Music Group and Singapore’s GIC Pte Ltd sovereign wealth fund are forming a joint venture to acquire music copyrights, with plans to invest US$2 billion to US$3 billion in the project.
The music division of Sony Group Corp, one of the world’s largest record companies, will manage the acquired catalogues, handling distribution to streaming services and licensing older songs for use in films and commercials, the parties said Wednesday. GIC is providing capital and investment expertise.
