Sony to buy EMI Music for $2bn

The Japanese technology and entertainment group Sony to spend $2.3bn to buy controlling stake in EMI Music Publishing, thereby gaining access to over 2m songs ranging from Queen to Pharrell Williams. Kenichiro Yoshida, the new CEO of Sony since April after it halted losses in its consumer electronics divisions to report its highest annual profit. It spends $4.8bn to buy Columbia Pspendses in 1989. Sony aims to generate ¥2tn ($18bn) or more in cash flow over the next three years, to increase acquisitions of entertainment content and technology.

The EMI deal would allow Sony to cement its position as the world’s largest music publisher and to take total advantage of the recovery  in the industry driver in the expansion of streaming devices.