By selling some of its Spotify holdings, Sony Corp. has pocketed $768 million. Sony now owns less than 5% in the music streaming firm which had a substantial role in bolstering Sony’s music business. The money from selling its Spotify shares will be distributed to music labels and artists, according to Sony.
On the other hand, Sony’s acquisition of around 60% stake in EMI Music Publishing for $2.3 billion started in May. As of July, it has paid $288 million to buy the remaining 25% stake from the Estate of Michael Jackson – a deal which makes EMI a wholly-owned subsidiary of Sony.