Consolidation! Read the full story at Media Decoder:
The Federal Trade Commission has approved the $2.2 billion sale of EMI Music Publishing to an investor group led by Sony, the agency announced on Friday morning. With that clearance, the sale is expected to close later in the day.
The deal will create the world’s largest catalog of music-publishing rights, the lucrative copyrights that cover songwriting and composition. EMI’s catalog, considered a jewel of the industry, has some 1.3 million songs, including classics like “Over the Rainbow” and “New York, New York,” as well as more recent hits by Amy Winehouse, Alicia Keys and Kanye West.
The other investors are the sovereign wealth fund Mubadala of Abu Dhabi; Jynwel Capital of Hong Kong; Blackstone’s GSO Capital Partners; and the Hollywood mogul David Geffen.