Investing.com– Blackstone Inc (NYSE: ) is considering selling its portfolio of song rights managed by SESAC, including works by Bob Dylan, Adele and Ariana Grande, in a deal that could exceed $3 billion, Bloomberg News reported Thursday, citing sources .
The move comes amid strong investor interest in the performance rights asset, with firms such as Apollo Global Management LLC Class A (NYSE: ), Warburg Pincus and Singapore’s Temasek Holdings reportedly examining offers, the report said.
SESAC, which Blackstone bought in 2017 for roughly $1 billion, licenses music for public performances, including popular television shows like Grey’s Anatomy and Seinfeld, and also operates entities like the Harry Fox Agency and Audiam.
The growth of the music industry, fueled by streaming revenues that will double global recorded music revenue to $28.6 billion in 2023, has made assets like SESAC increasingly valuable. Recent market activity includes TPG Inc (NASDAQ: )’s $3.3 billion sale of Global Music Rights (GMR) and Blackstone’s $1.6 billion purchase of Hipgnosis, indicating strong demand for music investments, according to a report.
Financial firms continue to diversify their investments in the music sector, focusing on performing rights organizations, catalogs and services as they adjust to the industry’s growing revenues, according to a Bloomberg report.
