Tuesday, 22 May 2018

Sony buying a controlling stake in EMI Music Publishing

Sony is buying a controlling stake in EMI Music Publishing, giving it control over two million songs by artists from Queen and Carole King to Alicia Keys and Pharrell Williams.

The $2.3bn (£1.7bn) deal will make Sony the world's biggest music publisher.

Sony's publishing business already includes 2.3 million tracks, including the Beatles catalogue.

Sony chief executive Kenichiro Yoshida said streaming services had led to a "resurgence" in the music business.

"We are thrilled to bring EMI Music Publishing into the Sony family and maintain our number one position in the music publishing industry," he said.
"In the entertainment space, we are focusing on building a strong IP [intellectual property] portfolio, and I believe this acquisition will be a particularly significant milestone for our long-term growth."

Sony is raising its stake in EMI Music Publishing from 30% to 90% by buying the stake held by Mubadala Investment Company, Abu Dhabi's sovereign wealth fund. The Jackson Estate holds the other 10% stake.

BBC     News.

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