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.
Category: Featured, Publishing
About the Author
Jessica Nicholson serves as the Managing Editor for MusicRow magazine. Her previous music journalism experience includes work with Country Weekly magazine and Contemporary Christian Music (CCM) magazine. She holds a BBA degree in Music Business and Marketing from Belmont University. She welcomes your feedback at [email protected]View Author Profile
Comments
Powered by Facebook Comments