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Companies

Sony to spend $2.3bn to make EMI Music full subsidiary

Japanese conglomerate to take remaining 60% share from Abu Dhabi-backed fund

Sony Corp's new President and Chief Executive Officer Kenichiro Yoshida attends a news conference on their business plan at the company's headquarters in Tokyo on May 22.   © Reuters

TOKYO -- Sony announced Tuesday it will acquire an additional stake in DH Publishing, the operator of EMI Music Publishing, which owns the copyrights for popular artists such as the U.K. rock band Queen. DH Publishing will become a 100%-owned consolidated subsidiary, and EMI Music will be about 90% owned by Sony.

Sony will acquire a 60% stake for $1.9 billion from the Abu Dhabi-backed Mubadala Investment Company. Sony will pay another $400 million to shareholders, management and employees as part of the deal, it said. It will be Sony's second-largest acquisition ever, after Columbia Pictures in 1989.

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