Saudi Arabia's Public Investment Fund have reportedly lodged a bid for Warner Music Group in addition to their attempt to complete a takeover at Newcastle United.
The Magpies' would-be owners are playing a waiting game, with the Premier League's owner's and director's test still understood to be ongoing.
The PiF are believed to be bankrolling 80% of the bid to takeover at St James' Park in partnership with Ripon financier Amanda Staveley and the Reuben brothers.
But away from the proposed deal on Tyneside, the PiF have also been active with the completion of a $500m deal for a stake in Live Nation.
The Hollywood Reporter claim the investment fund are planning to further capitalise on the current uneconomic uncertainty with a move for the Warner Music Group.
The privately-held label boast artists such as Madonna and Camila Cabello, and is understood to be valued at $12.5bn.
The Hollywood Reporter claim: "Sources familiar with the PIF's strategy tell The Hollywood Reporter to expect more deals. Lots more.
"The $300 billion fund remains interested in the entertainment and sports sector and is close to completing a $380 million deal to acquire England's Newcastle United soccer team."
With regards to the Warner Music Group bid, the title adds: "The PIF has made an offer to buy Warner Music Group, according to a source close to WMG owner Len Blavatnik.
"There's one other bid in the mix, and it will come down to a number," says the source.
"The PIF declined [to] comment. "
The title also claim Carla DiBello - a Dubai-based dealmaker close to Kim Kardashian-West - has "spearheaded" the deal at St James' Park.
