Japanese entertainment giant Sony on Tuesday unveiled a $1.9-billion deal to buy industry titan EMI Music Publishing, which has the rights to songs by the likes of Queen and Pharrell Williams.
The deal adds a catalogue of more than two million songs — including some of the greatest hits from the 20th century — to Sony’s already huge repertoire.
The agreement is Sony’s first major deal under new CEO Kenichiro Yoshida, who noted the music business has enjoyed a “resurgence” in recent years due to streaming services provided by companies such as Spotify and Apple.
With this purchase, Sony “is becoming one of the biggest music publishing companies, both in name and reality”, Yoshida told reporters.
“We are thrilled to bring EMI Music Publishing into the Sony family and maintain our number one position in the music publishing industry,” Yoshida said in an earlier…
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