Communications services companies fell as traders rotated out of growth sectors, concerned about the impact of inflation on third-quarter earnings reports.
Investment firm Blackstone plans to invest $1 billion in acquiring music rights and managing catalogs, a move the asset manager said will benefit from the rapid growth of online streaming. It was the latest move among institutional investors seeking to tap into royalty streams from popular music.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
10-12-21 1714ET
