Sony Takes $2.3B Controlling Stake In EMI
With a check for $2.3 billion, Sony has become the world's largest music publisher. The deal adds a catalog of more than two million songs from EMI Music Publishing, including hits ranging from Queen to Pharrell Williams to Sony's already massive 2.3 million track repertoire.
The EMI investment is the first major move by new Sony CEO Kenichiro Yoshida. Sony, like fellow corporate giant Vivendi, is enjoying a music industry resurgence fueled by revenue from streaming. The deal with Abu Dhabi-based investment firm Mubadala increases Sony's stake in EMI from 30% to about 90%.
"We are thrilled to bring EMI Music Publishing into the Sony family and maintain our number one position in the music publishing industry," Yoshida said in a statement. ""In the entertainment space, we are focusing on building a strong IP [intellectual property] portfolio, and I believe this acquisition will be a particularly significant milestone for our long-term growth."
Expect more content based bets frmn the new Sony boss, who also unveiled anew strategic plan for the company. "We are a technology firm, but the technology means not only electronics but also entertainment and content-creation," said Yoshida.