Sony snaps up majority holding in EMI Music

Electronics and entertainment giant Sony is to spend $2.3 billion (£1.7bn) snapping up an additional 60 per cent stake in Uk-based EMI Music Publishing, home to the likes of Kanye West and Alicia Keys.

Sony already owns 30 per cent of EMI so once the purchase from Mubadala Investment is sealed, the Japanese group will own 90 per cent of the famous music publisher.

Mubadala is a government-backed investment fund controlled by the emirate of Abu Dhabi. Outlining Sony’s revamped strategy to strengthen both its hardware and creative content, chief executive Kenichiro Yoshida said the group plans to invest some $9bn mostly in image sensors over the next three years.

Yoshida added that the firm’s main theme was “getting closer to people” by connecting consumer services and content throughout its sprawling operations, which include the Playstation games system, music, movies, still and video cameras, audio products and financial services.