SONY WRAPS UP EMI ACQUISITION

Sony Corp. completed the acquisition of EMI Music Publishing on Wednesday, which means the company will record additional operating income of approximately $927m.

Sony also assumed EMI’s existing interest-bearing debt of approximately $1.3b, repaying $960m immediately from Sony’s existing cash. EMI is now a wholly owned subsidiary of Sony, the company wrote in an SEC filing.

The expected impact of the transaction on Sony’s consolidated results has already been incorporated into the forecast for consolidated financial results for the fiscal year ending 3/31. As previously announced, Sony is currently evaluating the income tax expense expected to result from the closing of this transaction.