Dubai: Sony Corporation announced on Tuesday it will acquire EMI Music Publishing for around $2.3 billion (Dh8.4 billion), in a deal that will help solidify Sony’s position as the largest music publisher.
Sony will buy the 60 per cent stake in EMI from a consortium led by Abu Dhabi’s Mubadala Investment Company. The company said the acquisition represents its commitment to the music business, adding that the deal will be significant for Sony’s long-term growth.
As a result of the deal, Sony said it will own around 90 per cent of the equity interest in EMI Music. The acquisition comes amid a boom in streaming services that has fuelled valuations for music copyrights, and will allow Sony to get its hands on 2.1 million songs by artists that include Queen, Carole King, Kanye West, Alicia Keys and Calvin Harris, among others.
“The music business has resurged over the past couple of years, driven largely by the rise of paid subscription-based streaming services,” said Kenichiro Yoshida, president and chief executive officer of Sony Corporation.
“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.”
Yoshida also said separately that this investment is “precisely what [Sony] needs” to boost its content intellectual property, adding that the music industry is “on an important trajectory”.
- With inputs from Bloomberg
