Sony Buys Michael Jackson’s Remaining Stake in EMI Music Publishing for Full Ownership

Stacks of 2017 50 subject uncut sheets of $1 dollar notes bearing the name of U.S. Treasury Secretary Steven Mnuchin sit in a machine at the U.S. Bureau of Engraving and Printing in Washington, D.C., U.S., on Wednesday, Nov. 15, 2017. A change in the Senate tax-overhaul plan that would expand a temporary income-tax break for partnerships, limited liability companies and other so-called "pass-through" businesses won the endorsement of a national small-business group today. Photographer: Andrew Harrer/Bloomberg via Getty Images

Sony Music released their Q1 earnings today, which revealed its acquisition of the Michael Jackson estate’s 21.5% share of EMI Music Publishing, leading to full ownership of the company.

Sony paid $287.5 million for the remaining share of EMI, Billboard reports.

 

VARIOUS, VARIOUS – JUNE 25: Michael Jackson performs in concert circa 1988. (Photo by Kevin Mazur/WireImage)

 

This is a step in the right direction for Sony CEO and president Kenichiro Yoshida, who said this year that he would like the company to play a bigger part in the global music business.

Other points of note in Sony Music’s Q1 earnings include a 30% bump in streaming revenues, a 30% decrease in physical product sales, and an 8% improvement in total revenue, likely due to visual media and platform sales. Camila Cabello, Pink, Calvin Harris, and Dave Matthews Band were some of Sony’s top performers of the quarter.

 

 

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