Warner Music Raises $535M Debt To Fund Potential Acquisition Of David Bowie's Songwriting Catalog

Warner Music Group Corp WMG is in advanced talks to acquire David Bowie's songwriting catalog and is raising $535 million in debt to support the potential acquisition, Financial Times reports.
The record label behind singers Lizzo and Dua Lipa said it offered $535 million in debt for "potential acquisitions of certain music and music-related assets." The Bowie catalog is one of these acquisitions.
Bowie's estate was looking to sell his catalog and has attracted bids of about $200 million.
Music copyrights have soared in value as streaming on services such as Spotify Technology SA SPOT has revived the industry, drawing the attention of private equity groups and specialist investment funds.
The major music labels, Warner Music, Universal Music Group NV UMGNF UNVGY, and Sony Group Corp SONY Sony Music, compete with these investors to buy catalogs.
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Price Action: WMG shares traded higher by 1.26% at $44.19 on the last check Wednesday.