Sony Corp. has agreed to buy Mubadala Investment Co.’s stake in EMI Music Publishing, which owns or administers over 2 million songs.
Sony SNE, -0.43%[1] 6758, -1.89%[2] expects to pay total cash consideration of about $2.3 billion and will assume EMI Music Publishing’s gross debt, which was about $1.36 billion at March 31.
In 2012, Mubadala, Sony and the estate of Michael Jackson were part of a group that bought EMI Music Publishing from Citigroup Inc. C, +0.67%[3] for about $2.2 billion. The new transaction will give Sony an indirect equity stake of about 90%.
Sony Chief Executive Kenichiro Yoshida said in a statement that “the music business has enjoyed a resurgence over the past couple of years,” and said the company expects the acquisition “will be a particularly significant milestone for our long-term growth.”
An expanded version of this report appears on WSJ.com.[4]
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GE to merge rail division with Wabtec in $11 billion deal.[5]
References
- ^ SNE, -0.43% (www.marketwatch.com)
- ^ 6758, -1.89% (www.marketwatch.com)
- ^ C, +0.67% (www.marketwatch.com)
- ^ An expanded version of this report appears on WSJ.com. (www.wsj.com)
- ^ GE to merge rail division with Wabtec in $11 billion deal. (www.wsj.com)
- ^ Boston wants Amazon, but is there room? (www.wsj.com)