UAE Mubadala Investment Company announced the sale of its consortium’s majority interest in EMI Music Publishing to the Sony Corporation for $4.75 billion. The closing of the transaction is subject to certain closing conditions, including regulatory approvals. Owned by the Abu Dhabi government, Mubadala said that over the past six years, it had worked with Sony as partners to create value alongside Sony/ATV, Sony’s music publishing arm. Sony/ATV has been administering the EMI Music Publishing catalog’s legacy of iconic writers and artists, and along with the consortium re-investing in existing writer relationships and growing the catalog by signing new writers on a 50/50 basis. In a statement received by Asharq Al-Awsat on Tuesday, Mubadala said that these actions, coupled with the global rise of streaming and paid streaming services, have led to an appreciation in value of the EMI Music Publishing catalog as millions of new consumers have been provided access to innovative distribution channels. EMI Music Publishing owns or administers over two million songs that include classics by Queen, Carole King and the Motown catalog, along with contemporary songs from Kanye West, Alicia Keys, Drake, Sam Smith, Pink, Pharrell Williams, Calvin Harris, Fetty Wap, Hozier and Sia. Head of Mubadala Capital Hani Barhoush stated that EMI Music Publishing has been a successful investment for the UAE firm. Barhoush thanked Sony and Sony/ATV, who have been "instrumental in administering the EMI Music Publishing catalog as well as shaping the music landscape on a global basis. They have been tremendous partners to us." Head of Private Equity for Mubadala Capital and Chairman of EMI Music Publishing Adib Mattar said that EMI Music Publishing represents one of the world’s largest and most diverse catalog of copyrights with iconic songs that span every decade over the last one hundred years. "Writers and artists only stand to benefit under consolidated ownership and should feel proud to be part of the Sony family. The sale of our consortium’s interest in EMI represents a milestone for Mubadala and our private equity business," added Mattar. For his part, President and CEO, Sony Corporation Kenichiro Yoshida said: "We are thrilled to bring EMI Music Publishing fully into the Sony family and maintain our number one position in the music publishing industry. Yoshida also thanked Mubadala for sharing a long-term perspective on the potential success of music publishing and their support as the companies grew the business. "In the entertainment space, we are focusing on building a strong IP portfolio, and I believe this acquisition will be a particularly significant milestone for our long-term growth," he concluded.