NEW YORK: Financial giant Blackstone will invest $1 billion in a partnership with Hipgnosis to acquire music rights and manage catalogs, the companies announced on Tuesday (Wednesday in Manila).
Under the deal, Blackstone will also take an undisclosed stake in Hipgnosis Song Management, which is led by longtime music industry executive Merck Mercuriadis, and which went public on the London Stock Exchange in 2018.
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