News - 04/04/2018

Sony Music sold 17.2% of its shares in Spotify

Sony Music sold 17.2% of its shares in Spotify

Sony Music Entertainment sold a chunk of its shareholding in Spotify, taking home over $250m after just one day of public trading of the company.

Before Spotify started publicly trading on the New York Stock Exchange, Sony owned 5.71% of shares in the company, but - according to a memo to shareholders from Sony Corp in Tokyo on April 4 - Sony Music sold 17.2% of this equity (around 0.98% of Spotify in total). Judging by Spotify’s closing valuation on the NYSE – $149.01 per share – the stake sold by Sony would have been worth over $250m at the time it cashed in.

Sony Corp predicts its total profit on its shareholding, including the stock already sold, will be 105bn Yen, or just under $1bn – that’s based on the first day’s closing price. It expects this gain will be recorded in the quarter ending March 31, 2019.

Sony maintains the rest of its Spotify stake, said Cony Corp – at least for now – and, despite anticipating some ups and downs on the NYSE, is confident of further profit.

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