(CelebrityAccess) – Sony Corporation has announced that it has invested $2.3 billion to acquire Mubadala Investment Company’s 60% share of EMI Music Publishing. The move raises Sony’s equity in the company to a whopping 90%, with the remaining 10% being owned by the Jackson Estate.
As a result of the transaction, EMI Publishing will now become a consolidated subsidiary of Sony with its overall value being estimated at $4.75 billion.
Kenichiro Yoshida, President and CEO, Sony Corporation said: “We are thrilled to bring EMI Music Publishing into the Sony family and maintain our number one position in the music publishing industry. I would also like to convey my gratitude to Mubadala, our equity partner in EMI Music Publishing, for sharing our long-term perspective on the potential success of music publishing and their support as we grew the business.
“The music business has enjoyed a resurgence over the past couple of years, driven largely by the rise of paid subscription-based streaming services. In the entertainment space, we are focusing on building a strong IP portfolio, and I believe this acquisition will be a particularly significant milestone for our long-term growth.”
EMI Music Publishing currently owns or administers everything from Motown to Kanye West. Combine that with Sony’s 100%-ownership of both Sony/ATV and Sony Music Entertainment (Japan) Inc., and the Sony Group collectively owns more than 2.3 million copyrights.