Entertainment and electronics business Sony Corp. is set to purchase a 60 percent stake in EMI Music Publishing for $2.3 billion, from a group of investors led by Mubadala, according to a statement from Sony.
Sony already held a minority stake in EMI, but the new deal will result in Sony owning an estimated 90 percent of EMI, with a music library of around 4.5 million songs, including classics such as “Over The Rainbow” and more current hits such as Pharrell Williams’ “Happy.”
“The music business has enjoyed a resurgence over the past couple of years, driven largely by the rise of paid subscription-based streaming services,” Sony CEO Kenichiro Yoshida said in a statement.
Earlier this month, Sony announced a deal to acquire a stake in Peanuts Holdings, the organization behind classics including Snoopy and Charlie Brown.
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