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Sony acquires controlling stake in EMI Music Publishing

  Alicia Keys

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Alicia Keys songs are published by EMI

Sony is buying a controlling stake in EMI Music Publishing, giving control over two million songs by Queen and Carole King artists to Alicia Keys and Pharrell Williams.

The $ 2.3bn deal (£ 1.7bn) will make Sony the world's largest music publisher.

Sony's publishing business already includes 2.3 million songs, including the Beatles catalog.

Sony CEO Kenichiro Yoshida said the broadcast services had caused a "resurgence" in the music business.

We are delighted to incorporate EMI Music Publishing into the Sony family and maintain our number one position in the music publishing industry, "he said.

" In the entertainment space, we are focusing on creating a strong portfolio of IP [intellectual property] and I think this acquisition will be a particularly significant milestone for our long-term growth. "

Sony is increasing its stake in EMI Music Publishing from 30% to 90% by buying the Mubadala Investment Company's interest. [19659007] Sony's purchase of EMI Music Publishing is the biggest move so far by Mr. Yoshida, who took over the reins of former Chief Executive Kazuo Hirai earlier this year.

Mr. Yoshida and Mr. Hirai together helped to revive Sony's fortunes by selling their booming PC business and launching the successful PlayStation 4 gaming console.

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Sony said its PlayStation 4 console had sold 79 million units

Sony also unveiled its business strategy and financial objectives for the next three years on Tuesday.

The Japanese giant said it would continue to focus on electronic, entertainment and financial services.

The hardware business, which includes home entertainment products, mobile communications, and imaging and camera products, is expected to generate the most cash in the market. next years.

In April, Sony reported a net profit of 380bn yen last year, a seven-fold increase in 2016.

Almost all of its divisions performed better, but sales in the PlayStation unit increased by almost 300 %. [19659024]

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