Sony has held preliminary talks about acquiring a majority stake in EMI Music Publishing, as it seeks to cash in on the booming market for streamed music.
Abu Dhabi-based Mubadala Investment, which is part of a consortium that owns 60pc of EMI Music Publishing, has begun reaching out to potential suitors for the catalogue of more than 2.1 million songs, which includes hits from Beyonce and Carole King.
Adding EMI’s extensive catalogue would solidify Sony’s position as the largest music publisher just as streaming services and valuations for music copyrights soar. The Tokyo-based company already owns almost 40 percent of EMI, and operates the business.
Mubadala is seeking at least $4 billion for its EMI holding, observers say, almost double what the Sony-led group, which also includes billionaire David Geffen, paid for its share of the business six years ago.
A sale would be the largest music-industry transaction since the last time EMI changed hands.
In 2016, Sony Corp acquired music publishing company Sony/ATV giving the consumer electronic company full ownership of the song business.
