Sony has agreed a deal to purchase EMI‘s publishing division for $2.2 billion (£1.4 billion).
The company, which announced yesterday (November 11) that it had agreed a deal with Universal Music for the sale of its recorded music division for $1.9 billion (£1.2 billion), has now announced it has agreed to sell its publishing arm to Sony, reports The Guardian.
The deal, which sees the legendary record label split into two, is worth around 8 per cent more than industry experts had predicted it would be and is about $500 million (£285 million) more than that offered to owner Citigroup by rival Warner Music, which pulled out of the running a week ago.
The deal comes almost seven months after US bank Citigroup took control of the label and four months after the bank announced it wanted to put EMI up for sale.
There is thought to be no regulatory obstacle to Sony securing the deal, but Universal are likely to have to sell off £429 million worth of assets in order to satisfy competition laws.
The deal means that, for the first time since 1931, the UK will be without one of the major global record companies. Coldplay, 30 Seconds To Mars and Katy Perry are among the artists signed to EMI and its subsidiaries.