Curious announcement from Apollo Management.
They’re supplying Sony Music with $700 million.
“We are pleased to provide a bespoke capital solution to an affiliate of one of the world’s leading companies. This investment allows our clients to invest in high grade securities while helping Sony to execute its business plans,” said Apollo Partner Jamshid Ehsani in a statement.
Apollo says it’s for investments in the music industry.
Is this to buy Beyonce lunch? Bruce Springsteen dinner?
Or does Sony Music have something else up its sleeve, like buying another record company?
You wouldn’t think Sony Music needed $700 million. They own a ton of music publishing including the Beatles catalog. They also have a lot of hit artists including Beyonce, Barbra Streisand, Bruce Springsteen, Michael Jackson, and Bob Dyland. They have a lot of younger music acts, as well.
Sony would love a new album from Adele. It’s three years in November since she released her last one. But Adele is notably lazy, and now that she’s wrapping up her live performances she says she’s taking time off. Maybe Sony needs the money to pay her an advance before another three years go by! They’re a little chart-deprived at the moment, lagging far behind Republic/Universal, etc and even Warner Music.
Sony
