Mubadala part of Sony-led $2.2bn bid for EMI

Popular rock band Coldplay are signed to EMI

Popular rock band Coldplay are signed to EMI

Mubadala, the Abu Dhabi investment and development company, is part of a Sony-led investment group which has applied for European Union approval for the $2.2bn purchase of EMI Group’s publishing unit, it was confirmed on Wednesday.

“The proposed acquisition of EMI Music publishing by Sony and an investor group including Mubadala has been notified to the European Commission. The parties will continue to engage constructively with the Commission and are confident that the transaction will be approved,” a Mubadala spokesperson told Arabian Business in a statement.

The $2.2bn deal, if granted approval, will create the world’s second-biggest music catalogue. EMI's roster of artists currently includes popular acts such as Coldplay, George Michael and Kylie Minogue.

In addition to Mubadala, the Sony-led group also includes LA-based music billionaire David Geffen.

The European Commission set an initial deadline of April 2 to rule on the deal, it said on its website on Tuesday.

Sony confirmed in October it had secured financing from Mubadala for its bid for EMI.

Sony Music Entertainment had about 28 percent of the US album market in 2010, according to Nielsen Soundscan, putting it in second place behind Vivendi's Universal Music Group, while EMI had 10 percent.

Sony's music division accounted for about 6.5 percent of its sales and 20 percent of its operating profit in the year to March 2011.

Related:
Join the Discussion

Disclaimer:The view expressed here by our readers are not necessarily shared by Arabian Business, its employees, sponsors or its advertisers.

Please post responsibly. Commenter Rules

  • No comments yet, be the first!

All comments are subject to approval before appearing

Further reading

Features & Analysis
Retail renaissance in Saudi Arabia

Retail renaissance in Saudi Arabia

The largest economy in the GCC is emerging as a lucrative retail...

In the lap of luxury: Ermenegildo Zegna's UAE ambitions

In the lap of luxury: Ermenegildo Zegna's UAE ambitions

Ermenegildo Zegna and Al Tayer Group are both respected family...

Focus: The impact of the Bahrain food subsidies row, what it means for the wider region

Focus: The impact of the Bahrain food subsidies row, what it means for the wider region

Sources also claim at least half the butchers in the island state...

Most Discussed
sponsoredTracking