Sony will acquire the rights of nearly 2 million songs.
Sony is in the midst of acquiring a substantial music catalog courtesy of a forthcoming acquisition of EMI Music Publishing. The deal would see EMI shell over 90 percent of its equity, as well as 2 million songs from the likes of Beyoncé, Kanye West, Drake, Sam Smith and a boatload of other recording artists.
In a statement released by Sony on Monday afternoon, the media/tech conglomerate revealed its plans to sign a binding agreement with Mubadala Investment Company to acquire their 60 percent share in EMI to the tune of $2.3 billion.
Once the deal becomes finalized, Sony will officially own 90 percent of the equity in EMI's catalog, while the remaining 10 percent will remain in the hands of the Michael Jackson estate.
"We are thrilled to bring EMI Music Publishing into the Sony family and maintain our number one position in the music publishing industry," exclaims Kenichiro Yoshida, CEO of Sony Corporation. "The music business has enjoyed a resurgence over the past couple of years, driven largely by the rise of paid subscription-based streaming services… I believe this acquisition will be a particularly significant milestone for our long-term growth."