The Japanese group has reached an agreement to acquire about a 60 percent equity stake in EMI from Mubadala Investment, which manages the company, it said in a statement Tuesday. The deal will see Sony pay about $2.3 billion.
The agreement is still pending regulatory approvals and other conditions, but if things go smoothly, Sony will eventually own about 90 percent indirect equity interest in EMI, according to the statement.
And when it's done, over 2 million songs from Queen, Carole King, Kanye West, Drake, Sam Smith and others will be added to Sony's existing 2.3 million copyrights, the company added.
"We are thrilled to bring EMI Music Publishing into the Sony family and maintain our number one position in the music publishing industry," said Kenichiro Yoshida, president and CEO of Sony Corporation.
"The music business has enjoyed a resurgence over the past couple of years, driven largely by the rise of paid subscription-based streaming services… I believe this acquisition will be a particularly significant milestone for our long-term growth."
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