Blackstone, an American investment fund, has purchased the British company Hipgnosis Songs Fund in a deal worth 1.26 billion pounds ($1.57 billion). The sale of the company comes after it was established by music producer Merc Mercuriadis in 2018 and its business model revolves around acquiring rights to songs and generating revenue from streaming and airplay.

The purchase of Hipgnosis Songs Fund marks a significant investment in the music industry, with the acquisition opening up new opportunities for growth and expansion in the sector. The deal highlights the value of music rights and demonstrates the increasing interest from investors in this area.

Following the announcement of the transaction, shares of the British company increased by 2% at auction on April 29. The acquisition has garnered attention in the media and among industry professionals, reflecting the significance of the transaction within the music and investment communities.

The deal has the potential to reshape the landscape of music publishing and distribution, positioning Hipgnosis Songs Fund as a key player in the industry. The acquisition aligns with Blackstone’s objectives and presents new avenues for growth and diversification in the music industry.