EMI Music Publishing

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EMI Music Publishing Ltd.
Private company
Industry Music entertainment
Founded 1974; 44 years ago (1974) in London, United Kingdom
Founder EMI
Headquarters London, United Kingdom
Area served
Worldwide
Services Music publishing
Owner

DH Publishing, L.P.[1] (a partnership registered in the Cayman Islands) jointly owned by:

Website www.sonyatv.com

EMI Music Publishing Ltd. is a multinational music publishing company headquartered in London, United Kingdom. It is owned by a consortium led by Sony and forms part of the largest music publishing corporation in the world.

History[edit]

Founding[edit]

The origins of EMI Music Publishing date back to the EMI Group's entry into music publishing in 1958 through the formation of Ardmore and Beechwood;[6] in 1969, EMI greatly expanded its presence in music publishing through the acquisition of Keith Prowse Music for US$1.2 million in cash and 70,000 ordinary stock units.[6] In 1973, EMI acquired Affiliated Music Publishers for US$8.75 million.[6] In 1974, EMI renamed its music publishing division as EMI Music Publishing;[7] in 1976, EMI Music Publishing acquired the Screen Gems and Colgems music libraries from Columbia Pictures, making it a major publisher of film music.[7] In May 2011, EMI Music Publishing began bundling performance rights previously represented by ASCAP with mechanical and synchronization rights.[8]

LBO by Terra Firma in 2007[edit]

In 2007, EMI agreed to be purchased by Terra Firma, a UK-based private equity, beating out Warner and others, the deal value was about $6.5 billion, including $4.7 billion for the shares listed in the London stock exchange, and about $2 billion of debt. The deal represented a very high multiple of EBITDA, meaning it added large debt to EMI.

After defaulting on its debt, Citigroup took over in early 2011 and weeks later announced that EMI would be split and sold off separately (music recording from the one hand, publishing on the other).

Acquisition by Sony and others in 2012[edit]

In November 2011, a consortium led by Sony agreed to acquire EMI Music Publishing from Citigroup, the owners of the EMI Group, for US$2.2 billion.[9][10] (EMI Records was sold separately.) The acquisition was approved by the European Commission in April 2012,[11] conditional upon the divestiture of the worldwide publishing rights to four catalogues - Famous Music UK, Virgin Europe, Virgin Music Publishing UK and Virgin US - and the musical works of 12 contemporary authors, including Bullet For My Valentine, Gary Barlow, Ben Harper, the Kooks, Lenny Kravitz, Ozzy Osbourne, Placebo (Famous Music), and Robbie Williams. Those catalogues, collectively known as "Rosetta", were acquired by BMG Rights Management in December 2012; the deal was finalized in May 2013.[12][13] The acquisition was completed in June 2012 following receipt of necessary approvals from anti-trust regulators in the United States.[14][15]

Sony, through its Sony/ATV Music Publishing unit, acquired about 30% of EMI Publishing. Still, it won the administration of the entire catalog, making Sony/ATV the largest music publishing administrator in the world. Other owners of EMI Publishing include Abu Dhabi wealth fund Mubadala, the Michael Jackson Estate, financial institutions, and billionaire David Geffen.

Other developments[edit]

Jho Low, owner of Jynwel Capital, was charged by the US government in civil proceedings as part of the 1Malaysia Development Berhard (1MDB) scandal. The government attempted to seize Jynwel's stake in EMI Music [16], claiming it used illicit funds.

In July 2017, media reported that EMI Music was put up for sale.[17]

In March 2018, Mubadala Investment Co., an Abu Dhabi sovereign wealth fund who was one of the buyers of EMI Publishing in 2012, has held talks with Sony and approached other possible buyers to sale its entire stake, according to the media. Mubadala is reportedly seeking a valuation of at least $4 billion, almost twice what the Sony-led group paid six years before. [18] The process cannot formally start before end June 2018. EMI Publishing reportedly owns more than 2.1 million songs.

Operations[edit]

EMI Music Publishing owns the publishing rights of over 2 million songs; controlling the libraries of artists including deadmau5, Timo Maas, Megadeth, Bloc Party, Lostprophets, Benson Taylor, Avicii, Quarashi, Avenged Sevenfold, Slipknot, MSTRKRFT, and Sean Paul. Its day-to-day operations, including the administration of songs, are delegated to Sony/ATV Music Publishing.[2]

Awards[edit]

EMI Music Publishing has won the Music Week Award for Publisher of the Year every year for over 10 years; in 2009, for the first time in history the award was shared jointly with Universal Music Publishing.[19]

References[edit]

  1. ^ "Acquisition of EMI Publishing Cited in High-Profile Malaysian Corruption Case from Dept. of Justice". Billboard. 20 July 2016. Retrieved 4 June 2017. 
  2. ^ a b California Central District Court Case No. 2:16-cv-05364 page 101, line 13 (Case 2:16-cv-05364 page 6, line 27).
  3. ^ Form 20-F for the fiscal year ended March 31, 2017 (pages 48 and F-27), Sony Corporation
  4. ^ Jackson estate owns just under 10 percent.
  5. ^ "Sony Plans Major Cuts in EMI Jobs". The New York Times. 17 April 2012. Retrieved 6 April 2013. 
  6. ^ a b c "150,000 titles in world music publishing". Billboard. 1 September 1973. Retrieved 6 April 2013. 
  7. ^ a b "A Brief History of EMI: 1970-1979". The EMI Group Archive Trust. Retrieved 6 April 2013. 
  8. ^ "EMI Music Publishing Taking Over Licensing Digital Rights From ASCAP". The Hollywood Reporter. 4 May 2011. Retrieved 6 April 2013. 
  9. ^ "EMI Is Sold for $4.1 Billion in Combined Deals, Consolidating the Music Industry". The New York Times. 11 November 2011. Retrieved 6 April 2013. 
  10. ^ "EMI Group sold as two separate pieces to Universal Music and Sony". The Los Angeles Times. 12 November 2011. Retrieved 6 April 2013. 
  11. ^ Joshua R. Wueller, Mergers of Majors: Applying the Failing Firm Doctrine in the Recorded Music Industry, 7 Brook. J. Corp. Fin. & Com. L. 589, 602 (2013).
  12. ^ "Sony-Led Acquisition of EMI Music Publishing Approved by EU". Billboard. 19 April 2012. Retrieved 6 April 2013. 
  13. ^ "Approval Is Seen for Sony's Takeover of EMI Publishing". The New York Times. 18 April 2012. Retrieved 6 April 2013. 
  14. ^ "BMG Buys Virgin, Famous Music Catalog From Sony/ATV". The Hollywood Reporter. 2012-12-21. Retrieved 2013-03-01. 
  15. ^ "Sony-Led Group Closes Purchase of EMI Music Publishing". Billboard. 29 June 2012. Retrieved 6 April 2013. 
  16. ^ "U.S. Government's Seizure of Music Publishing Assets Draws Malaysian Financier's Family". The Hollywood Reporter. Retrieved 2017-12-05. 
  17. ^ Halperin, Shirley; Halperin, Shirley (2017-07-11). "As EMI Music Publishing Comes Up for Sale (Again), Investors Welcome 'a Big Check'". Variety. Retrieved 2017-12-05. 
  18. ^ https://www.musicbusinessworldwide.com/emi-music-publishing-for-sale-for-4bn-sony-has-already-held-talks-report
  19. ^ Williams, Paul (18 April 2009). "Too close to call in publishing battle". Music Week. Retrieved 13 August 2010. 

External links[edit]