Sony signed a deal with Abu Dhabi-based investment firm Mubadala to buy its 60 percent holding in EMI, giving the Japanese firm an indirect stake of approximately 90 percent, Sony said in a statement. "We are thrilled to bring EMI Music Publishing into the Sony family and maintain our number-one position in the music publishing industry," Sony boss Kenichiro Yoshida said in a statement. He said the music business had "enjoyed a resurgence in the past couple of years" driven by subscription-based streaming services. EMI is the second-largest music publishing company by revenue and either owns or holds the rights to 2.1 million pieces of music. The deal values EMI at $4.75 billion, the Sony statement said, adding that "the closing of the transaction is subject to certain closing conditions, including regulatory approvals."

Source: The Nation Bangkok May 22, 2018 00:22 UTC