Following the deal, Sony to supervise EMI Music on behalf of the consortium
A group of investors led by Sony Corporation of America, along with the Estate of Michael Jackson, Mubadala Development Company PJSC, Jynwel Capital Limited, the Blackstone Group’s GSO Capital Partners LP and David Geffen, has said it will acquire EMI Music Publishing from a wholly-owned subsidiary of Citigroup, for total consideration of $2.2bn.
After the acquisition, Sony/ATV Music Publishing and its management team will supervise EMI Music Publishing on behalf of the consortium. Sony/ATV Music Publishing is co-owned by subsidiaries of SCA and trusts formed by the Estate of Michael Jackson.
EMI Music Publishing represents some contemporary writers in the music industry today including Beyoncé, Drake, Jay-Z, Norah Jones, Alicia Keys, P!nk, Rihanna, Stargate, Usher, Kanye West, among others. Its catalogue covers the entire period from the early 20th century to the present.
Sony/ATV Music Publishing chairman and CEO Martin Bandier said EMI Music Publishing has some of the best songs and artists in the world. I am excited to be reunited with the incredible songs, writers and people of a company I helped build.
"Our track record at Sony/ATV over the past four years demonstrates our ability to build a strong platform that sustains significant growth. The opportunity represented by this transaction is both transformative for Sony/ATV and a truly special moment for me, personally," Bandier said.
Citi Global Banking acted as financial advisor to Citi and EMI while Clifford Chance LLP, Shearman & Sterling LLP and Freshfields Bruckhaus Deringer LLP acted as legal advisors to Citi and EMI.