Private equity giant Apollo Global Management announced that it has provided an infusion of $700 million in capital Sony Music Group.
Apollo did not provide any details on the terms of the deal, or what Sony intends to use the raised capital for beyond “investments in the music industry.”
“We are pleased to provide a bespoke capital solution to an affiliate of one of the world’s leading companies. This investment allows our clients to invest in high grade securities while helping Sony to execute its business plans,” said Apollo Partner Jamshid Ehsani.
The news of the Sony investment comes after Apollo backed Concord’s unsuccessful bid to acquire Merck Mercuriadis’s Hipgnosis Songs Fund earlier this year.