Sony shares ended the Asian trading session lower Tuesday, as news emerges it has agreed to buy most of the remaining shares of EMI Music Publishing from Mubadala, an investment firm based in Abu Dhabi.
The deal will give Sony 90% ownership of EMI, making it a complete subsidiary of the Japanese tech group.
Sony shares closes down 1.97% at JPY5,282. The stock has gained some upward momentum during the past four weeks.
Sony, EMI deal
Sony has signed a memorandum of understanding with Mubadala and the deal is subject to certain closing conditions that aren’t detailed and regulatory approvals. No estimated date has been put forward as to when the purchase might be finalised.
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,” said Sony President and CEO, Keichiro Yoshida.
“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,” he added.
Mubadala was also positive on the agreement.
“EMI Music Publishing represents one of the world's largest and most diverse catalogue of copyrights with iconic songs that span every decade over the last one hundred years,” said Adib Mattar, Head of Private Equity for Mubadala Capital and Chairman of EMI Music Publishing.
“Writers and artists only stand to benefit under consolidated ownership and should feel proud to be part of the Sony family,” Mattar added.
Impressive music catalogue
Once it has finalised its purchase of EMI, Sony will be the proud owners of over two million songs form artists including:
- Carole King.
- The Motown catalogue.
- Kanye West.
- Alicia Keys.
- Sam Smith.
- Pharrell Williams.
- Calvin Harris.