Sony to buy an extra 60% stake in EMI Music Publishing

The logo of Sony Corp. is seen at the company's headquarters in Tokyo, Japan, May 22, 2018. TOKYO – Electronics and entertainment company Sony Corp. said Tuesday it plans to spend $2.3 billion acquiring an additional 60 percent stake in EMI Music Publishing, home to the Motown catalog and contemporary artists like Kanye West, Alicia Keys and Pharrell Williams. Sony already owns 30 percent of EMI so once the purchase from Mubadala Investment Co. is finalized, it will own 90 percent of the company, CEO Kenichiro Yoshida said in a news conference at Sony's headquarters. Mubadala is a government-backed investment fund controlled by the emirate of Abu Dhabi, the oil-rich capital of the United Arab Emirates, a seven-state federation that also includes the Mideast commercial hub of Dubai. Its holdings include semiconductor maker Globalfoundries, and stakes in General Electric Co., Washington-based private equity firm The Carlyle Group and numerous utility and energy companies.