Sony Corporation is – subject to regulatory approval – now the owner of 100% in EMI Music Publishing.
It’s become so after paying $287.5m to the Michael Jackson Estate to take control of the remaining 25.1% interest in Nile Acquisition LLC which Sony didn’t already own.
Long story short: this agreement means that Sony also gets hold of the approximately 10% stake in EMI Music Publishing that the Jackson Estate previously controlled.
(The round-the-houses version: Nile owns an approximately 40% equity interest in D.H. Publishing, L.P., which owns and manages EMI Music Publishing.)
Sony bought a 60% stake in EMP (to increase its overall holding to 90%) in a $2.3bn deal in May – an agreement which is now subject to regulatory approval.
In addition to that payment, Sony has agreed to take on EMI’s debt of $1.359bn.
The agreement gives EMI Music Publishing an enterprise value of $4.75bn.
Sony is purchasing the 60% stake in EMI from an investor consortium led by Mubadala Investment Company.
According to new Sony financial documents released today (July 31), EMI Music Publishing owned and/or administered 2.06m copyrights as of March 31, 2018.