Sony and Mubadala reached an agreement with an investment group

- Mubadala (hereinafter referred to as 'Mubadala') and Sony ('Sony') announced today that they have signed a legally binding memorandum of understanding ('MOU') Based on the corporate value of US$4.75 billion, the Mubadala Foundation will sell approximately 60% of its EMI Music Publishing company and transfer it to Sony’s wholly-owned subsidiary, Sony America. Afterwards, Sony will indirectly own approximately 90% of the EMI Music Publishing Company. The company will also become a consolidated subsidiary of Sony. The completion of the transaction will depend on customary closing conditions, including regulatory approval.

Kenichi Yoshida, President and CEO of Sony Corporation stated: 'We are very pleased to include EMI Music Publishing Company in the Sony Family and maintain our position as the No. 1 in the music publishing industry. I also want to thank our EMI Music Publishing Company for its equity Partner Mubadala, as we develop our business, is able to identify and support our long-term view of the 'potential for music publishing with success'. In the past few years, we have been driven by the growth of paid subscription streaming services. , The music business has recovered. In the entertainment field, we are focused on creating a strong IP portfolio. I believe this acquisition will have a special significance for our long-term growth.

Originally together with Sony and the Michael Jackson Estate Management Committee, the acquisition of the original transaction of EMI Music Publishing Company from a wholly-owned subsidiary of Citigroup and the consortium of investment consortia participating in the acquisition was formed by Mubadala Capital. )'s private equity business was initiated and set up. Since 2012, the private equity institution has been controlling and managing EMI music publishing companies on behalf of Mubadala and other third-party investors.

Hani Barhoush, head of Mubadala Capital, said: “EMI (EMI Music Publishing Company) is a successful investment for Mubadala. I personally appreciate Sony and Sony/ATV Music Publishing Company (the “Sony” The leadership of /ATV'), they have made great achievements in managing EMI's music library and shaping the global music structure. It has always been our important partner.

Adib Mattar, head of private equity at Mubadala Capital and chairman of EMI Music Publishing Company, stated: 'EMI Music Publishing Company represents one of the world's largest and most extensive library of copyrighted music, with well-known songs spanning over a hundred years. The creators and artists of the music works will only benefit if the ownership is consolidated and will be proud of being a member of the Sony family. Our consortium's sale of EMI Music Publishing Company's equity is also a milestone for Mubadala and our private equity business. . '

Although Sony’s final purchase price for the payment of all equity held by Mubadala’s EMI Music Publishing Company depends on customary transaction adjustments, it is expected that the cash paid by Sony for the merged EMI Music Publishing Company will be approximately 2.3 billion U.S. dollars. To assume the current total liabilities of EMI Music Publishing Company as of March 31, 2018, which is approximately US$1.359 billion. After the completion of the transaction, Sony expects its operating profit to record approximately 100 billion days, thanks to the current ownership of the EMI Music Publishing Company. Non-cash gains from Yuan. The fiscal year financial results ending March 31, 2019, which are not included in the combined EMI Music Publishing Company's increase in revenue, are currently being evaluated by the merged EMI Music Publishing Company. The effect of the increase in gains on the consolidated financial performance for the financial year ending March 31, 2019.

In the past six years, Mubadala and Sony have worked together as partners to create value with Sony/ATV, which is responsible for Sony Music Publishing. Sony/ATV has been managing the creators and artists of well-known music works of EMI Music Publishing Company. Qu Bank, reinvested in the relationship between the creators of existing music works, and signed new music works creators with 50/50 ratio (EMI) together with Sony/ATV to expand the music library. With millions of Consumers have been able to enjoy music in an unprecedented way through innovative sales channels. These initiatives, combined with the global rise of streaming media and paid streaming media services, have contributed to the appreciation of the EMI music publishing company Music Library.

EMI Music Publishing Company owns and manages more than 2 million songs, including classic songs from Queen, Carole King and the Motown, and Kanye West, Alicia Keys, Drake, Sam Smith, Pink, Pharrell Williams, Calvin Harris, Fetty Wap, Hozier And Sia's modern songs

Together with Sony's wholly-owned music publishing company, Sony/ATV, and Sony Music Entertainment (Japan), a Sony-owned music company, Sony Corporation has a total of more than 2.3 million copyrights, including the Beatles, and many contemporary superstars. And Leiber Stoller's Music Library.

In the fiscal year ending March 31, 2018, EMI Music Publishing Company generated US$663 million in revenue, adjusted operating profit of US$181 million*, adjusted before interest, taxes, depreciation and amortization EBITDA is $249 million*.

* Adjustments to exclude certain non-recurring guarantee fees and management incentive plan accruals.

(This article is translated from English text for reference)

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