(CelebrityAccess) – Following the release of a successful Q1 earnings report earlier this week, it has been revealed that Sony Music Corp. has completed its acquisition of EMI Music Publishing from a consortium led by private equity firm Mubadala.
We first heard about Sony’s purchase of a 60% equity interest in EMI for a whopping $2.3 billion dollars back in May. The music giant has now acquired the remaining 25.1% stake from the Estate of Michael Jackson for $287.5 million.
While the deal must still be vetted by governmental regulatory agencies before it can proceed, if approved, EMI will become a wholly-owned subsidiary of Sony with Sony agreeing to take on EMI’s debt of $1.359 billion.
With Sony and Jackson’s share valued at a combined $1.091 billion, EMI Music Publishing will now be valued at roughly $4.75 billion, officially making Sony the world’s biggest music publisher.
The deal is first major acquisition under President and CEO Kenichiro Yoshida who took over from Kazuo Hirai.