As expected, Sony Music Publishing has announced an agreement to acquire the complete music rights portfolio of Recognition Music Group from funds managed by Blackstone, subject to customary closing conditions. Terms of the deal were not announced, but sources and Billboard have valued the catalog in the $2 billion range, although estimates vary widely. The deal will see Sony Music Publishing acquiring Recognition’s entire catalog of works, which includes shares in more than 45,000 songs, among them Journey’s “Don’t Stop Believin’,” Red Hot Chili Peppers’ “Under the Bridge,” Fleetwood Mac’s “Go Your Own Way,” Beyoncé’s “Single Ladies (Put A Ring On It),” Bruno Mars’ “Locked Out of Heaven,” Leonard Cohen’s “Hallelujah,” Chic’s “Good Times,” Soundgarden’s “Black Hole Sun,” Lady Gaga’s “Bad Romance,” Bon Jovi’s “Livin’ On A Prayer,” Rihanna’s “Umbrella,” Eurythmics’ “Sweet Dreams (Are Made Of This),” Shakira’s “Whenever, Wherever,” Steve Winwood’s “Higher Love” and Mariah Carey’s “All I Want For Christmas Is You,” among many others. Popular on Variety The deal is in partnership with the investment venture announced earlier this year between GIC and Sony Music Group, focused on acquiring music catalog assets across genres and international markets. The transaction follows Sony Music Publishing’s previous acquisition of Hipgnosis Songs Group in 2025, reflecting its continued collaboration with Recognition and Blackstone. Beginning in the mid-2010s, companies under the Hipgnosis umbrella went on a buying spree, paying top dollar for catalogs and other assets, including many of the above-listed songs. It spent more than $3 billiion and drove up the value of music catalogs considerably. However, the company became unstable and beginning in 2021, Blackstone acquired Hipgnosis Songs Capital for around $800 million, then bought the administration division of Hipgnosis Songs Management, before acquiring the publicly traded catalog assets of Hipgnosis Songs Fund for $1.6 billion in April 2024 Rob