Thursday, March 28, 2024

Sony Buys Out Michael Jackson Estate’s EMI Share For $288 Million

*Entertainment giant Sony, which owned 90% of EMI Music Publishing, is now its sole owner after buying the remaining 9.8% from the Michael Jackson Estate, reports Deadline. The EMI library includes songs by artists like Queen, Pharrell Williams and Alicia Keys as well as the Motown catalogue.

Sony had a small pre-existing stake in EMI after a 2012 deal gave it 30% ownership. In May, Sony announced it had reached an agreement with a consortium led by Mubadala Investment Company to acquire the 60% stake held by the Abu Dhabi sovereign wealth fund. The $2.3 billion cash deal was to give Sony a total of about 90% of the equity in the EMI catalog with the rest held by the Jackson’s estate.

In its earnings notice this morning, Sony revealed it has this month acquired MJ estate’s 9.8% holding for $287.5M which will make EMI a wholly-owned subsidiary of Sony, the world’s biggest music publisher and the first major acquisition under President and CEO Kenichiro Yoshida who took over from Kazuo Hirai.

In announcing the deal in May, he said, “In the entertainment space, we are focusing on building a strong IP portfolio, and I believe this acquisition will be a particularly significant milestone for our long-term growth.”

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