|Fate||acquired by Sony/ATV Music Publishing|
|Founded||1974London, United Kingdomin|
|Owner||Sony Corporation of America|
EMI Music Publishing Ltd. is a multinational music publishing company headquartered in London, United Kingdom.
A multinational corporation (MNC) or worldwide enterprise is a corporate organization that owns or controls production of goods or services in at least one country other than its home country. Black's Law Dictionary suggests that a company or group should be considered a multinational corporation if it derives 25% or more of its revenue from out-of-home-country operations. A multinational corporation can also be referred to as a multinational enterprise (MNE), a transnational enterprise (TNE), a transnational corporation (TNC), an international corporation, or a stateless corporation. There are subtle but real differences between these three labels, as well as multinational corporation and worldwide enterprise.
In the music industry, a music publisher is responsible for ensuring the songwriters and composers receive payment when their compositions are used commercially. Through an agreement called a publishing contract, a songwriter or composer "assigns" the copyright of their composition to a publishing company. In return, the company licenses compositions, helps monitor where compositions are used, collects royalties and distributes them to the composers. They also secure commissions for music and promote existing compositions to recording artists, film and television.
London is the capital and largest city of England and the United Kingdom. Standing on the River Thames in the south-east of England, at the head of its 50-mile (80 km) estuary leading to the North Sea, London has been a major settlement for two millennia. Londinium was founded by the Romans. The City of London, London's ancient core − an area of just 1.12 square miles (2.9 km2) and colloquially known as the Square Mile − retains boundaries that follow closely its medieval limits. The City of Westminster is also an Inner London borough holding city status. Greater London is governed by the Mayor of London and the London Assembly.
In May 2018, Sony/ATV agreed to increase its stake in EMI to 90 percent, pending regulatory approval. The estate of Michael Jackson will continue to own 10 percent of the publisher.In July 2018, Sony bought out the Michael Jackson estate's stake in EMI for $287.5 million. Sony has agreed to pay $2.3 billion to acquire EMI, as well as assume EMI’s debt of $1.359 billion. With Sony and Jackson’s share valued at $1.091 billion that gives EMI Music Publishing a valuation of $4.75 billion. On October 26, 2018, the European Commission approved of Sony's acquisition of EMI. In November 2018, Sony/ATV completed its acquisition of EMI, which was completely merged into Sony/ATV. EMI currently exists for the artists that it signed pre-2012.
Michael Joseph Jackson was an American singer, songwriter, and dancer. Dubbed the "King of Pop", he is regarded as one of the most significant cultural figures of the 20th century and one of the greatest entertainers. Jackson's contributions to music, dance, and fashion, along with his publicized personal life, made him a global figure in popular culture for over four decades.
The European Commission (EC) is the executive branch of the European Union, responsible for proposing legislation, implementing decisions, upholding the EU treaties and managing the day-to-day business of the EU. Commissioners swear an oath at the European Court of Justice in Luxembourg City, pledging to respect the treaties and to be completely independent in carrying out their duties during their mandate. The Commissioners are proposed by the Council of the European Union, on the basis of suggestions made by the national governments, and then appointed by the European Council after the approval of the European Parliament. It is common, although not a formal requirement, that the commissioners have previously held senior political positions, such as being a member of the European Parliament or a government minister.
EMI Music Publishing controls over 2 million songs; including classic songs by Queen, Carole King and the Motown catalog, along with contemporary releases by Kanye West, Blink 182, Drake, Sia, P!nk, Pharrell Williams, and Calvin Harris. EMI also owns the recorded catalogue of Philles Records, with distribution handled by Sony's Legacy Recordings.
Queen are a British rock band formed in London in 1970. Their classic line-up was Freddie Mercury, Brian May, Roger Taylor and John Deacon. Their earliest works were influenced by progressive rock, hard rock and heavy metal, but the band gradually ventured into more conventional and radio-friendly works by incorporating further styles, such as arena rock and pop rock.
Carole King is an American singer-songwriter who has been active since 1958, initially as one of the staff songwriters at the Brill Building and later as a solo artist. She is the most successful female songwriter of the latter half of the 20th century in the US, having written or co-written 118 pop hits on the Billboard Hot 100. King also wrote 61 hits that charted in the UK, making her the most successful female songwriter on the UK singles charts between 1952 and 2005.
Motown Records is an American record label owned by Universal Music Group. It was founded by Berry Gordy Jr. as Tamla Records on January 12, 1959, and incorporated as Motown Record Corporation on April 14, 1960. Its name, a portmanteau of motor and town, has become a nickname for Detroit, where the label was originally headquartered.
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.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. In 1973, EMI acquired Francis, Day & Hunter Ltd. In 1973, EMI acquired Affiliated Music Publishers for US$8.75 million. In 1974, EMI renamed its music publishing division as EMI Music Publishing. In 1976, EMI Music Publishing acquired the Screen Gems and Colgems music libraries from Columbia Pictures, making it a major publisher of film music. In 1981, EMI acquired SBK Entertainment, which included the MGM musical catalog. In May 2011, EMI Music Publishing began bundling performance rights previously represented by ASCAP with mechanical and synchronization rights.
EMI Group Limited was a British transnational conglomerate founded in March 1931 in London. At the time of its break-up in 2012, it was the fourth largest business group and record label conglomerate in the music industry, and was one of the "Big Four" record companies. Its labels included EMI Records, Parlophone, Virgin Records, and Capitol Records, which are now owned by other companies.
The Keith Prowse company originated from a partnership in 1830 between two musical instrument makers who opened a shop selling their goods. It later became a theatre ticket agency and music publisher; after a merger with the Peter Maurice company it became KPM and was acquired by EMI in 1969.
Francis, Day & Hunter is a British music publishing company, one of the leading publishers of music hall songs and popular music in the late nineteenth and twentieth centuries. It was established in London in 1877 as W. & J. Francis and Day, later Francis Brothers & Day, becoming Francis, Day & Hunter in 1880. It became a subsidiary of EMI Publishing in 1972.
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.
Terra Firma Capital Partners Ltd. (TFCP) is a UK-based private equity firm. Financier Guy Hands founded the firm in 2002 through the spin-off of Nomura Principal Finance Group. The firm, which traces its roots to the formation of its predecessor in 1994, has invested over €14 billion since inception.
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).
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.(EMI Records was sold separately.) The acquisition was approved by the European Commission in April 2012, 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. The acquisition was completed in June 2012 following receipt of necessary approvals from anti-trust regulators in the United States.
Sony Corporation is a Japanese multinational conglomerate corporation headquartered in Kōnan, Minato, Tokyo. Its diversified business includes consumer and professional electronics, gaming, entertainment and financial services. The company owns the largest music entertainment business in the world, the largest video game console business and one of the largest video game publishing businesses, and is one of the leading manufacturers of electronic products for the consumer and professional markets, and a leading player in the film and television entertainment industry. Sony was ranked 97th on the 2018 Fortune Global 500 list.
Citigroup Inc. or Citi is an American multinational investment bank and financial services corporation headquartered in New York City. The company was formed by the merger of banking giant Citicorp and financial conglomerate Travelers Group in 1998; Travelers was subsequently spun off from the company in 2002. Citigroup owns Citicorp, the holding company for Citibank, as well as several international subsidiaries. Citi is incorporated in NY.
Famous Music Corporation was the worldwide music publishing division of Paramount Pictures, a division of Viacom since 1994. Its copyright holdings span several decades and includes music from such Academy Award-winning motion pictures as The Godfather and Forrest Gump. It was founded in 1928 by Paramount’s predecessor, the Famous-Lasky Corporation, to publish music from its "talking pictures." Some of the classic songs in the Famous Music catalog that originated in motion pictures include "Moon River", "Thanks for the Memory", "Silver Bells", "Mona Lisa", "Where Do I Begin?", "Speak Softly, Love", "Up Where We Belong", "Footloose", "Take My Breath Away" and "My Heart Will Go On".
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.
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, claiming it used illicit funds.
In July 2017, media reported that EMI Music was put up for sale.
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 sell 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.The process cannot formally start before end June 2018. EMI Publishing reportedly owns more than 2.1 million songs.
In August 2018, the Independent Music Companies Association (IMPALA) filed a complaint to the European Commission, asking them to block Sony/ATV's full acquisition of EMI.Warner Music Group and BMG Rights Management, which both acquired parts of EMI and its publisher in 2013, have also objected to the acquisition.
In October 2018, the British Academy of Songwriters, Composers, and Authors also objected to the buyout.Sony declined to offer any concessions to the European Commission, which will decide whether it will launch a full-scale investigation into the deal on October 26.
As of May 2018, EMI Music Publishing included the publishing rights to over 2.1 million songs. Its day-to-day operations, including the administration of songs, are delegated to Sony/ATV Music Publishing.
EMI Music Publishing was named Publisher of the Year by Music Week every year for over 10 years; in 2009, EMI tied with Universal Music Publishing for the award.
Virgin Records Ltd. is a British record label founded by entrepreneurs Richard Branson, Simon Draper, Nik Powell, and musician Tom Newman in 1972. It grew to be a worldwide phenomenon over time, with the success of platinum performers such as Aaliyah, George Michael, Paula Abdul, Janet Jackson, Roy Orbison, Devo, Tangerine Dream, Genesis, Keith Richards, the Human League, Culture Club, Simple Minds, Lenny Kravitz, dc Talk, the Smashing Pumpkins, Mike Oldfield, Gorillaz, Lewis Capaldi and Spice Girls, among others.
Universal Music Group is an American global music corporation that is a subsidiary of the French media conglomerate Vivendi. UMG's global corporate headquarters are located in Santa Monica, California. It is considered one of the "Big Three" music companies, along with Sony Music and Warner Music Group. Since 2004, the corporation is no longer related to the film studio Universal Studios. In 2019, Fast Company named Universal Music Group the most innovative music company and listed UMG among the Top 50 most innovative companies in the world and "amid the music industry's digital transformation, Universal is redefining what a modern label should look like." UMG has signed licensing agreements with more than 400 platforms worldwide.
Sony Music Entertainment (SME), recognized as Sony Music, is an American global music conglomerate owned by Sony Corporation of America and incorporated as a general partnership of Sony Music Holdings Inc. through Sony Entertainment, a subsidiary of the Japanese conglomerate Sony. It was originally founded in 1929 as American Record Corporation and renamed as Columbia Recording Corporation in 1938, following its acquisition by the Columbia Broadcasting System. In 1966, the company was reorganized to become CBS Records, and Sony Corporation bought the company in 1988, renaming it under its current name in 1991. In 2004, Sony and Bertelsmann established a 50-50 joint venture known as Sony BMG Music Entertainment, which transferred the businesses of Sony Music and Bertelsmann Music Group into one entity. However, in 2008, Sony acquired Bertelsmann's stake, and the company reverted to the SME name shortly after; the buyout allowed Sony to acquire all of BMG's labels, and led to the dissolution of BMG, which instead relaunched as BMG Rights Management.
SBK Records was a record label, owned by Universal Music Group, that is currently part of the Capitol Music Group, where it is in hibernation. The label was founded in 1988 and during its time in activity existed as part of the EMI Group.
Thorn EMI was a major British company involved in consumer electronics, music, defence and retail. Created in October 1979 when Thorn Electrical Industries merged with EMI, it was listed on the London Stock Exchange and was once a constituent of the FTSE 100 Index but it demerged back to separate companies in 1996.
Universal Music Publishing Group (UMPG) is a North American music publishing company and is part of the Universal Music Group, a subsidiary of Vivendi. It was formerly known as MCA Music Publishing until it merged with PolyGram.
The music industry consists of the companies and individuals that earn money by creating new songs and pieces and selling live concerts and shows, audio and video recordings, compositions and sheet music, and the organizations and associations that aid and represent music creators. Among the many individuals and organizations that operate in the industry are: the songwriters and composers who create new songs and musical pieces; the singers, musicians, conductors and bandleaders who perform the music; the companies and professionals who create and sell recorded music and/or sheet music ; and those that help organize and present live music performances.
Sony/ATV Music Publishing is an American music publisher owned by Sony Entertainment. It has the largest music publishing catalog in the world, with 4.53 million songs owned and administered as of March 31, 2019. The company was formed in 1995 with the merger of Sony Music Publishing and ATV Music, which was owned by entertainer Michael Jackson. Jackson had purchased ATV Music, which included the Lennon–McCartney song catalog, in 1985.
Sony Entertainment, Inc. is a global entertainment company established in 2012. It focuses on most of Sony's motion picture, television and music businesses. It is a subsidiary of the Japanese Sony Corporation, managed by Sony's American hub, Sony Corporation of America.
Michael Mark Lynton is a businessman and current chairman of Snap Inc. He previously served as chairman and chief executive of Sony Pictures Entertainment. In 2017, Lynton stepped down as CEO of Sony Entertainment to become Chairman of Snap, makers of the Snapchat mobile app. On February 12, 2019, he was named as a non-executive chairman of the board of Warner Music Group.
BMG Rights Management GmbH is an international music company based in Berlin, Germany. It combines the activities of a music publisher and a record label.
Robert (Rob) S. Wiesenthal is an American businessman.
CBS Records International was the international arm of the Columbia Records unit of Columbia Broadcasting System, Inc. (CBS) that was formed in 1961 and launched in 1962. Previously Columbia Records had been using other record companies to distribute Columbia recordings outside North America, such as Philips Records and its subsidiary Fontana in Europe.
Lundon "Da Bridge" Knighten is an American singer-songwriter from Landover, Maryland. In 2010, Knighten signed a publishing deal to L.A. Reid Music Publishing. At the time, L.A. Reid Music Publishing had an exclusive partnership deal with EMI Music Publishing. Shortly before landing the deal, she would receive her first placement, "Can't Breathe", on Leona Lewis’ second studio album Echo.
Kobalt Music Group is an independent rights management and publishing company. Founded in 2000 by CEO Willard Ahdritz, Kobalt acts primarily as an administrative publishing company, not owning any copyrights. Also offering label services and neighboring rights, the company has developed an online portal to provide royalty income and activity to artists and allow them to manage their rights and royalties directly.
Brian J. Monaco is an American music executive who is the President, Global Chief Marketing Officer of Sony/ATV Music Publishing.
Low Taek Jho, often called Jho Low, is a Malaysian conman and is currently a fugitive sought by the authorities of Malaysia, Singapore and the US in connection with the 1MDB scandal. He is the beneficiary of numerous discretionary trust assets said by the US Government to originate from payments out of the Malaysian 1MDB fund. The prosecutors alleged Low to be the mastermind of a scheme to siphon altogether $4.5 billion from 1MDB into his personal accounts.