Sony Music Group is forming a music rights-buying joint venture with Singapore’s sovereign wealth fund, GIC Pte. Bloomberg reports that GIC and Sony plan to invest $2 billion to $3 billion in the venture. Meanwhile, Sony isn’t the only major music company to team up with deep-pocketed financial players to establish billion-dollar-plus funds to buy music rights. In July last year, Warner Music Group and private investment giant Bain Capital unveiled their plans for a $1.2 billion music rights-buying joint venture. In February 2024, Universal Music Group acquired a minority stake in Chord Music Partners, a platform established by investment giant KKR with Dundee Partners, for USD $240 million.