Sony Cleared by EU to Take Full Control of EMI Music Publishing

The European Commission said on Friday that it had approved Sony Corporation of America’s move to take full control of EMI Music Publishing, saying the deal raises no competition concerns. The Commission said it had cleared the transaction without conditions.

Sony Corporation announced the deal, which would see it acquiring Mubadala Investment Company’s 60% equity interest in EMI, in May. Combined with its acquisition of the Michael Jackson Estate’s stake in the company, the proposed deal brings Sony’s stake in EMI to 100%. While the final purchase price to be paid by Sony for all of Mubadala’s equity interest in EMI Music Publishing is subject to customary closing adjustments, the total cash consideration Sony expects to pay to consolidate EMI Music Publishing is approximately $2.3 billion. Since 2012, EMI has been jointly owned and controlled by Sony Corporation of America and Mubadala.

“We are pleased to have received approval from the European Commission and look forward to successfully concluding this transaction,” a Sony spokesperson told Variety. Sources say the deal is expected to close by the end of the year.

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