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Sony to Buy Out EMI Music Publishing for About $2 Billion

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Sony to Buy Out EMI Music Publishing for About $2 Billion

Postby MrFredPFL » Mon May 21, 2018 10:42 pm

Story :

Sony Corp. is buying EMI Music Publishing, getting its hands on a catalog of 2.1 million songs from Beyonce, Carole King and other artists as it embarks on a new growth plan built on content and services.

The Japanese company will buy about 60 percent equity interest from a consortium led by from Mubadala Investment Co. for about $2 billion, Sony said in a statement. The Tokyo-based company already owns almost 40 percent of EMI, operates the business and had been in talks to buy the library for the past few months.

EMI’s extensive catalog will solidify Sony’s position as the largest music publisher amid a boom in streaming services that has fueled valuations for music copyrights. The transaction is the first major strategic move by Kenichiro Yoshida, who took over as chief executive officer in April. He also unveiled a three-year plan Tuesday that embraces Sony’s growing reliance on income from gaming subscriptions and entertainment.

Sony is paying $1.9 billion for the 60 percent equity stake from the consortium. With the cost of warrants for stock and management incentives, the price is $2.3 billion, a spokesman for the company said.

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