Sony Music has announced that it has acquired the share of EMI Music Publishing owned by Michael Jackson’s estate. According to Billboard, the deal cost a total of $287.5 million and will secure Sony’s full ownership of the company.
Sony began a motion for the complete acquisition of EMI back in May for a total of $2.3 billion. Sony is also set to take on EMI’s $1.4 billion debt. However, before the deal can be finalized, it must be vetted by regulatory agencies.
Once finalized, this deal will aid Sony in its overall goal in playing a bigger role in the music business globally, according to Sony President Kenichiro Yoshida.