Sony’s takeover of EMI Music Publishing approved by European regulators
European regulators approved Sony Corp’s takeover of EMI Music Publishing, without concessions: the company is now clear to complete a $2.3bn deal which will approximately buy it a further 60% of EMP – adding to the 30% it already owns. A $287.5m deal for the remaining 10% has already been agreed with the Jackson Estate.
The takeover allows Sony to double its publishing catalog of songs from 2.16m to 4.21m compositions, adding to its existing Sony/ATV repertoire. In addition to EMP and Sony/ATV, Sony Corp is also the owner of Sony Music Entertainment, the recorded music major based in New York and run by CEO Rob Stringer.
Sony faced opposition from the likes of independent music group IMPALA over the $2.3bn deal. IMPALA lobbied EC regulators in a bid to stop the buyout going ahead.