Private equity giant Apollo Global Management announced a $700 million investment in Sony Music Group.
Apollo did not provide any details about the terms of the deal, nor that Sony intended to use the funds raised for purposes other than “music industry investments.”
“We are pleased to provide customized capital solutions to a subsidiary of one of the world’s leading companies. This investment enables our clients to invest in high-quality securities while helping Sony execute its business plan.”
News of Sony’s investment comes after Apollo backed Concord’s unsuccessful acquisition of Mercuriadis’ Hipgnosis Songs fund earlier this year.
