Sony Music has reached a deal with Mubadala Investment Company to take over EMI Music Publishing. As majority shareholder, the UAE-based investment company detains 60% of EMI’s shares: to acquire Mubadala’s entire share pack, the Japanese major label will shell out 2.3 billion Dollars.
Sony Music takes over EMI Music Publishing for $2.3BN
Sony already detains 30% of the English company, bought in 2012, when Mubadala acquired the majority of the shares for $2.2BN. With EMI revealing as a successful investment for Mubadala, now is up to to the new owner to reducing the huge gross indebtedness, which amounted to more than 1.3BN Dollars as of March 31, 2018.
The two parties have signed a legally binding “memorandum of understanding“, so the closing will take place as soon as possible (a multi-billion deal takes some time). With this takeover, Sony will own the rights to over two million songs, including dance music giants such as Calvin Harris, Gorgon City, and more.