Sony purchases EMI publishing rights
Sony Corp. and the Michael Jackson estate said Friday they had purchased Britain’s EMI Music Publishing for $2.2 billion from Citigroup, creating the world’s largest music copyrights company with a catalog that includes hits from Motown, The Beatles, Jay-Z and Norah Jones.
Publishing has remained a steady business over the years, despite the onslaught of the Internet and the ongoing decline of compact disc sales, because of its diverse revenue sources. And by acquiring EMI, Sony/ATV, a 50-50 joint venture between Sony and the Michael Jackson estate, will control just over 2 million copyrighted songs. The new entity is estimated to capture nearly a third of publishing revenue in the world.
The Associated Press