Sony Music Group has agreed to purchase Recognition Music Group’s catalogue from Blackstone for nearly $4bn, securing rights to over 45,000 tracks including Leonard Cohen’s “Hallelujah” and Journey’s “Don’t Stop Believin’.” The deal, finalized through Sony’s joint venture with Singapore’s Government Investment Corporation (GIC), marks a strategic push into legacy music assets. While Sony declined to confirm financial terms, industry sources estimate the transaction reflects growing investor confidence in music royalties as a stable asset class. Recognition, founded by Blackstone after its 2024 $1.6bn acquisition of Hipgnosis Songs Fund, had amassed rights to catalogues of artists like Red Hot Chili Peppers and Shakira through aggressive market consolidation.