In a strategic move, Sony Corporation has bought out another emerging competitor EMI publishing to become the largest music publisher around the world.
Sony Corp’s new President and Chief Executive Officer Kenichiro Yoshida said Sony forkedout $2.3 billion to purchase EMI which has been controlling almost 15% of the music publishing industry.
This purchase expands Sony Corp’s share of the global music publishing to 26% control.
According to sources, the deal values EMI Music Publishing at $4.75 billion including debt, more than double the $2.2 billion value given in 2011 when a consortium led by Sony won bidding rights for the company.
This deal gives Sony a catalogue of more than 2 million songs from artists such as Kanye West, Sam Smith and Sia.