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Sony/ATV and others to buy EMI music publishing arm for $2.2 billion
LOS ANGELES (AP) ' A consortium led by Sony/ATV, a joint venture between Sony Corp. and the Michael Jackson estate, says it is buying the music copyright division of EMI Group Ltd., for $2.2 billion.
Earlier Friday, Vivendi SA's Universal Music Group said it was buying EMI's recording division for $1.9 billion.
Citigroup is selling the British music company after taking it over in February when private equity firm Terra Firma defaulted on its debts.
EMI's copyright division has copyrights to 1.3 million songs and manages the works of such artists as Rihanna, Norah Jones, Beyonce and Alicia Keys.
Sony/ATV, which has a catalog of 750,000 songs, is a 38 percent partner in the consortium, according to a person familiar with the situation. The person was not authorized to speak publicly and requested anonymity.