Sony to buy Mubadala’s stake in EMI Music for about $2.3 billion

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Sony Corp. has agreed to buy Mubadala Investment Co.’s stake in EMI Music Publishing, which owns or administers over 2 million songs.

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 expects to pay total cash consideration of about $2.3 billion and will assume EMI Music Publishing’s gross debt, which was about $1.36 billion at March 31.

In 2012, Mubadala, Sony and the estate of Michael Jackson were part of a group that bought EMI Music Publishing from Citigroup Inc.












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  for about $2.2 billion. The new transaction will give Sony an indirect equity stake of about 90%.

Sony Chief Executive Kenichiro Yoshida said in a statement that “the music business has enjoyed a resurgence over the past couple of years,” and said the company expects the acquisition “will be a particularly significant milestone for our long-term growth.”

An expanded version of this report appears on WSJ.com.

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