On announcing it’s financial results, Sony Corp have revealed that it now owns Michael’s Estate share of EMI Music Publishing. which they have acquired for $287.5 million. This is the first step according to the report, of their pending acquisition of EMI.
Sony Corp have agreed to purchase EMI for a total of $2.3 billion, plus assume their debt of $1.359 billion. Michael and Sony’s shares combined are valued at $1.091 billion which means the business is valued at $4.75 billion. Michael’s Estate held a 9.84% interest in EMI therefore, they should have received around $287.5 million for the deal.
If you take into account Michael’s Estate sold the Sony/ATV catalogue in 2016 and add this sale of EMI assets, the Estate has made over $1 billion in publishing assets.
Source: Billboard & MJWN