EMI MUSIC PUBLISHING UPS ITS STAKE IN JOBETE

The company acquired a further 30% stake in the Jobete song catalog, giving it an 80% share in the legendary pubbery. EMI originally acquired a 50% stake in the catalog in 1997.

EMI has purchased its additional stake from Berry Gordy, the founder of Jobete and Motown Records, for a total of $109.3 million and is funding the acquisition with the proceeds from the sale of its final 14.5% stake in HMV in November 2002.

Jobete, one of the world's all-time great music publishing catalogs, contains more than 100 #1 hit songs and over 15,000 classic Motown standards such as " I Heard it Through the Grapevine," "My Girl," "I Just Called to Say I Love You," "I'll Be There," "My Girl" and "Ain't Too Proud to Beg."

Jobete Music Co. was formed in 1958 by Gordy, and the catalog remains highly relevant to this day. Jobete songs were recently featured in an episode of the US television series American Idol, and in February, Standing in the Shadows of Motown, recorded by various Jobete artists, earned a Grammy for Best Compilation Soundtrack Album for a Motion Picture, Television or Other Visual Media.

Gordy and EMI Music Publishing have also announced plans for the development of a new Motown-based Broadway musical featuring songs from the Jobete catalog, which will be personally produced by Gordy.

Said Gordy said, "I am thrilled to still be a part of Jobete, and to continue my relationship with my friend Marty Bandier and the EMI team. It continues to be a good fit. Future creative opportunities such as the Motown-based musical are of great personal importance, so retaining an interest in the catalog is truly exciting."

Added Chairman/CEO Bandier: "I am delighted that Berry Gordy will remain involved with the catalog and EMI. This is another career highlight for me, one that means that he and I will work together in the future. The Jobete catalog is one of the most important bodies of music in existence, and with Berry still on board the catalog's longevity is assured, and I look very much forward to developing exciting new uses of it in the future."