Tuesday, May 22, 2018

Sony Takes $2.3B Controlling Stake In EMI | hypebot

EMIWith 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.

Sony Corp_LogoThe 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.

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