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.
THIS HITS PHOTO GALLERY IS WANDERING IN THE DESERT
Photographic proof of the weaselfest (4/15a)
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THE NEW UMG
Gosh, we hope there are more press releases.
TIKTOK BANNED!
Unless the Senate manages to make this whole thing go away, that is.
THE NEW HUGE COUNTRY ACT
No, not that one.
TRUMP'S CAMPAIGN PLAYLIST
Now 100% unlicensed!
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