With a goal of enriching its music content portfolio, Sony Corp. announced Tuesday it will acquire a majority stake in EMI Music Publishing, which holds the rights to about 2.1 million songs, for $1.9 billion (¥211 billion).
Sony's U.S. subsidiary will buy a roughly 60 percent stake in EMI from a consortium led by Abu Dhabi-based Mubadala Investment Co., raising its shares from the 30 percent it already owns. The unit's catalog includes songs from popular singers such as Kanye West, Alicia Keys and Pink.
The internet age had hit the music industry hard, with a shift to digital downloads leading to falling CD sales starting in the late 1990s. But the market has regained momentum with a spread of subscription-based music streaming services, Sony CEO Kenichiro Yoshida said.
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