May 22, 2018
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 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. 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. "We are thrilled to bring EMI Music Publishing into the Sony family and maintain our number one position in the music publishing industry," Sony's president and chief executive Kenichiro Yoshida said on Tuesday. The deal to buy up a controlling stake in EMI is very much part of Sony's plans to realign its business, analysts said.
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