00:00Bloomberg has learned that Sony is finalizing a deal to acquire a music catalog from Blackstone
00:04that includes works of Justin Bieber for almost $4 billion. Bloomberg's Chris Palmieri joins us
00:09now. So Sony is able to do this on its own or it's got some help? No, they created a
00:14joint
00:15venture earlier this year with the Singaporean Sovereign Wealth Fund, GIC, and so they're
00:20using some of their money to help because it's a big deal. It's one of the largest ever.
00:25One of the largest ever. And where are we in terms of timeline? How close are they to finalizing
00:32something like this? We've been told they could announce it in about a week.
00:36OK, so it could happen within a week. Blackstone actually has been amassing a pretty large portfolio
00:42of music, hasn't it? Yeah, this is part of the old Hypnosis Music Fund. It was publicly traded for
00:49a while. This is an evolution of all the private equity funds are starting to take
00:55profits in this and you're seeing these assets snapped up by the traditional record labels.
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