2017 kicked off with a monumental purchase of music rights organisation SESAC by Blackstone equity firm in a deal said to be valued up to $1 billion.

Last week private equity firm Rizvi Traverse Management arranged a sale of SESAC, giant music rights organisation, to Blackstone. The financials weren’t revealed at first but the word spreading throughout the industry suggested that the deal had cost Blackstone $1 billion.

The purchase by Blackstone is expected to be a long one as their new strategy aims at holding onto private investments longer than rival equity firms. SESAC CEO expanded on this, saying of the deal: “Blackstone is acquiring our company with the specific intent of backing the existing management team, and shares our long-term vision for the company with a history of adding value to their portfolio companies as a supportive strategic partner and capital provider. We anticipate a seamless transition in ownership with no disruption to our business activities as a result of this transaction.”

SESAC has a strong list of artists that it manages the rights for, including big names like Mariah Carey, El-P, Bob Dylan, Axl Rose, Rush and many more. The list of reputable artists under SESAC likely helped Blackstone’s decision to make such a large purchase to take ownership over the public performance, mechanical, synchs and other rights management organisation.

Blackstone’s managing director David Kestnbaum said: “We view SESAC as an attractive fit for our core private equity investment platform and are pleased to partner with the company’s experienced, highly capable management team to help support their growth strategy over the long term to continue to serve their key affiliate and licensee constituents.”

Billboard did an analysis of the companies’ financials to find out whether it really did cost $1 billion for Blackstone to purchase SESAC. You can check that out here for an educated estimate at the deal.