Sony buys controlling stake in EMI record label
Sony says it has agreed to buy a controlling stake in EMI Music Publishing for $2.3bn (£1.71bn) as it looks to boost its music portfolio.
The deal would mean Sony would indirectly own about 90% of the record label and its some two million songs by artists from Queen and Carole King to Alicia Keys and Pharrell Williams.
Sony said it was thrilled with the deal, which is subject to approval.
The announcement comes as Sony prepares to unveil its mid-term plan on Tuesday.
EMI, which has its headquarters in London, is currently owned by a consortium led by Sony. It is one of the world’s biggest music publishing firms. Sony already owns 2.3 million music copyrights, including the Beatles catalogue.
The Japanese tech giant’s deal, announced on Tuesday with the Abu Dhabi-based investment firm Mubadala, will mean EMI will become a consolidated subsidiary of Sony.
Mubadala’s private equity arm has controlled and managed EMI Music Publishing on behalf of Mubadala and other third-party investors since 2012, Sony said on Tuesday. Before that, EMI was owned by Citigroup.