Sony are taking a massive controlling stake in major music publishers EMI after acquiring a giant 60% share on top of their existing 30%.

Sony Corporation are making a massive investment to take over a majority controlling stake in EMI Music Publishing in a consortium deal with Abu Dhabi based investment firm Mubadala. Their $2.3 billion offering will give Sony an overall 90% stake in EMI from their original 30%, making Sony the largest music publisher in the world.

The deal will require a legally binding memorandum be signed by both parties before Sony can take control of publishing assets that earned $1.334 billion in revenues last year. Whilst Sony will take a majority stake ownership in EMI the remaining 10% will stay in possession of the Michael Jackson Estate. The deal will also see Sony take on EMI’s debt which, as of March 31, 2018 totalled $1.359 billion.

Sony Corporations president and CEO, Kenichiro Yoshida said: “We are thrilled to bring EMI Music Publishing into the Sony family and maintain our number one position in the music publishing industry. The music business has enjoyed a resurgence over the past couple of years, driven largely by the rise of paid subscription-based streaming services. 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.”

Mubadala Capital’s head of private equity and chairman of EMI Music Publishing, Adib Mattar says: “EMI Music Publishing represents one of the world’s largest and most diverse catalog of copyrights with iconic songs that span every decade over the last one hundred years. The sale of our consortium’s interest in EMI Music Publishing represents a milestone for Mubadala and our private equity business.”