Sony Corporation of America has reached an agreement with a consortium of Abu Dhabi’s Mubadala Investment to acquire all its interest in EMI Music Publishing for $1.9 billion.
The financial investment arm of Mubadala, known as Mubadala Capital, has managed EMI Music Publishing since 2012.
Mubadala has held an approximately 60 percent equity interest in EMI Music Publishing, while Sony has held substantially the rest.
In a statement, Kenichiro Yoshida, president and CEO of Sony said: The music business has resurged 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.”
Source: cnbc china
Sony to acquire Mubadala's stake in EMI Music Publishing in .9 billion deal