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Sony Buys Out Michael Jackson Estate’s Remaining Stake in EMI Music Publishing

(CelebrityAccess) – Following the release of a successful Q1 earnings report earlier this week, it has been revealed that Sony Music Corp. has completed its acquisition of EMI Music Publishing from a consortium led by private equity firm Mubadala.

We first heard about Sony’s purchase of a 60% equity interest in EMI for a whopping $2.3 billion dollars back in May. The music giant has now acquired the remaining 25.1% stake from the Estate of Michael Jackson for $287.5 million.

While the deal must still be vetted by governmental regulatory agencies before it can proceed, if approved, EMI will become a wholly-owned subsidiary of Sony with Sony agreeing to take on EMI’s debt of $1.359 billion.

With Sony and Jackson’s share valued at a combined $1.091 billion, EMI Music Publishing will now be valued at roughly $4.75 billion, officially making Sony the world’s biggest music publisher.

The deal is first major acquisition under President and CEO Kenichiro Yoshida who took over from Kazuo Hirai.

The post Sony Buys Out Michael Jackson Estate’s Remaining Stake in EMI Music Publishing appeared first on CelebrityAccess.



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