Blackstone, Hipgnosis partner to invest in music as online streaming booms

FILE PHOTO: The ticker and trading information for Blackstone Group is displayed at the post where it is traded on the floor of the New York Stock Exchange (NYSE) April 4, 2016. REUTERS/Brendan McDermid/File Photo

(Reuters) -Blackstone said on Tuesday it would deploy around $1 billion in partnership with an advisory firm owned by music executive Merck Mercuriadis to buy music rights and record songs as online streaming gains popularity and becomes more lucrative.

As part of the partnership, Blackstone will take an ownership stake in Hipgnosis Song Management, an adviser to the London-listed music catalogues investor Hipgnosis Songs Fund (SONG).