Sony to acquire £1.7billion EMI

SONY is to acquire a controlling stake in record label EMI for £1.7bn.

It will make the Japanese technology giant the world’s largest music publisher.

The deal brings 2m songs under its roof, from artists such as Queen, Kanye West and Sam Smith.

Kenichiro Yoshida, Sony’s chief executive, said: ‘This investment is key for our long-term growth.’

EMI Music Publishing is what remains of EMI Group, once one of the world’s best-known record labels that signed artists including The Beatles, The Beach Boys and Cliff Richard.

Yoshida said the internet had hit sales for much of the 2000s but that music fans were increasingly willing to pay for streaming services, which has grown royalties for copyright holders.