 | |
| Company type | Subsidiary |
|---|---|
| Industry | Music entertainment |
| Founded | 1974; 51 years ago (1974) inLondon, United Kingdom |
| Founder | EMI |
| Fate | Fully acquired bySony Music Publishing and became an in-name-only unit of it |
| Headquarters | , United Kingdom |
Area served | Worldwide |
| Services | Music publishing |
| Parent | EMI (1974–2012) Sony Music Publishing (2012–present) |
| Website | sonymusicpub |
EMI Music Publishing Ltd. is a Britishmultinationalmusic publishing company headquartered inLondon, owned bySony Music Publishing.
In May 2018, Sony Music Publishing agreed to increase its stake in EMI to 90%, pending regulatory approval. Sony has agreed to pay $2.3 billion to acquire EMI, as well as assume EMI's debt of $1.359 billion. In July 2018, Sony bought out theMichael Jackson estate's 10% stake in EMI for $287.5 million. With Sony and Jackson's share valued at $1.091 billion that gives EMI Music Publishing a valuation of $4.75 billion.[1] On 26 October 2018, theEuropean Commission approved of Sony's acquisition of EMI.[2] In November 2018, Sony Music Publishing completed its acquisition of EMI, which was completely merged into Sony Music Publishing. Following these transactions, Sony owned 100% of EMI Music Publishing.
EMI currently exists for the artists that it signed pre-2012, effectively becoming an in-name-only unit of Sony Music Publishing.[3] EMI Music Publishing controls over 2 million songs; including theMotown Records catalogue, and classic songs byCarole King andQueen, along with contemporary releases byKanye West,Blink-182,Drake,Pharrell Williams,Sam Smith,P!nk,Calvin Harris andSia. EMI owns the recorded catalogue ofPhilles Records, with distribution handled by Sony's divisionLegacy Recordings.
The origins of EMI Music Publishing date back to theEMI Group's entry into music publishing in 1958 through the formation of Ardmore and Beechwood.[4] In 1969, EMI greatly expanded its presence in music publishing through the acquisition ofKeith Prowse Music for US$1.2 million in cash and 70,000 ordinary stock units.[4] In 1973, EMI acquiredFrancis, Day & Hunter Ltd. In 1973, EMI acquired Affiliated Music Publishers for US$8.75 million.[4] In 1974, EMI renamed its music publishing division as EMI Music Publishing.[5] In 1976, EMI Music Publishing acquired theAldon Music,Screen Gems andColgems music libraries fromColumbia Pictures, making it a major publisher of film music.[5] In 1989, EMI acquiredSBK Entertainment, which included the CBS (April/Blackwood),MGM, andUA musical catalogs.[6] In 1990, EMI acquired Filmtrax, which included theMills Music, Ivan Mogull, and Al Gallico catalogs.[7]
In July 1997,Motown founderBerry Gordy sold a 50 per cent stake in the label's Jobete Music publisher to EMI for $132 million.[8] In 2003, EMI bought an additional 30% stake in Jobete for $120 million, then the final 20 per cent in 2004 for $80 million.[9]
In July 1999, EMI acquired 40,000 copyrights fromFujisankei's Windswept Pacific publisher (including theMorris Levy songs) for $200 million.[10]
In May 2011, EMI Music Publishing began bundling performance rights previously represented by ASCAP with mechanical and synchronization rights.[11]
In 2007, EMI agreed to be purchased byTerra Firma, a UK-based private equity, beating out Warner and others. The deal value was about $6.5 billion, including $4.7 billion for the shares listed in the London stock exchange, and about $2 billion of debt. The deal represented a very high multiple ofEBITDA, meaning it added large debt to EMI.
After defaulting on its debt, Citigroup took over in early 2011 and weeks later announced that EMI would be split and sold off separately (music recording from the one hand, publishing on the other).
In November 2011, a consortium led bySony agreed to acquire EMI Music Publishing fromCitigroup, the owners of the EMI Group, for US$2.2 billion.[12][13] (EMI Records was sold separately.) The acquisition was approved by theEuropean Commission in April 2012,[14] conditional upon the divestiture of the worldwide publishing rights to four catalogues -Famous Music UK, Virgin Europe, Virgin Music Publishing UK and Virgin US - and the musical works of 12 contemporary authors, includingBullet for My Valentine,Gary Barlow,Ben Harper, theKooks,Lenny Kravitz,Ozzy Osbourne,Placebo (Famous Music), andRobbie Williams. Those catalogues, collectively known as "Rosetta", were acquired byBMG Rights Management in December 2012; the deal was finalized in May 2013.[15][16] The acquisition was completed in June 2012 following receipt of necessary approvals from anti-trust regulators in the United States.[17][18]
Sony, through itsSony Music Publishing unit, acquired about 30% of EMI Music Publishing. Still, it won the administration of the entire catalog, making Sony Music Publishing the largest music publishing administrator in the world. Other owners of EMI Music Publishing include Abu Dhabi wealth fund Mubadala, theMichael Jackson Estate, financial institutions, and billionaireDavid Geffen which grouped intoDH Publishing Group (Partnership). The acquisition would put the Columbia-Screen Gems catalog back under common ownership withColumbia Pictures, which had sold the rights to EMI in 1976.[5]
Jho Low, owner of Jynwel Capital, was charged by the US government in civil proceedings as part of the1Malaysia Development Berhard (1MDB) scandal. The government attempted to seize Jynwel's stake in EMI Music Publishing,[19] claiming it used illicit funds.
In July 2017, media reported that EMI Music Publishing was put up for sale.[20]
In March 2018, Mubadala Investment Co., an Abu Dhabi sovereign wealth fund who was one of the buyers of EMI Music Publishing in 2012, has held talks with Sony and approached other possible buyers to sell its entire stake, according to the media. Mubadala was reportedly seeking a valuation of at least $4 billion, almost twice what the Sony-led group paid six years before.[21]
In August 2018, theIndependent Music Companies Association (IMPALA) filed a complaint to theEuropean Commission, asking them to block Sony Music Publishing's full acquisition of EMI.[22]Warner Music Group andBMG Rights Management, which both acquired parts of EMI and its publisher in 2013, have also objected to the acquisition. In October 2018, theBritish Academy of Songwriters, Composers, and Authors also objected to the buyout.[23]
As of May 2018, EMI Music Publishing included the publishing rights to over 2.1 million songs. Its day-to-day operations, including the administration of songs, are delegated toSony Music Publishing.
EMI Music Publishing was named Publisher of the Year byMusic Week every year for over 10 years; in 2009, EMI tied withUniversal Music Publishing for the award.[24]
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