May 22, 2018 / 12:19 AM / a month ago

Sony says to pay $2.3 bln to make EMI Music consolidated unit

TOKYO, May 22 (Reuters) - Sony Corp said on Tuesday it would pay about $2.3 billion to raise its stake in EMI Music Publishing to about 90 percent, resulting in a valuation gain of about 100 billion yen ($900 million).

Wholly owned unit Sony Corporation of America will buy all of the roughly 60 percent stake in EMI Music held by Mubadala Investment Company, making it a consolidated subsidiary, it said in a statement. The valuation gain, at the operating level, has not yet been reflected on its earnings forecasts for the year ending March 2019, it said.

$1 = 111.0400 yen Reporting by Makiko Yamazaki Editing by Chang-Ran Kim

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