Sony says it has agreed to buy a controlling stake in EMI Music Publishing for $2.3 billion as it looks to boost its music portfolio.
The deal would mean Sony would indirectly own about 90 per cent of the record label and its some two million songs by artists from Queen and Carole King to Alicia Keys and Pharrell Williams.
Sony said it was thrilled with the deal, which is subject to approval.
The announcement comes as Sony prepares to unveil its mid-term plan today (Tuesday), according to BBC.
EMI, which has its headquarters in London, is currently owned by a consortium led by Sony. It is one of the world's biggest music publishing firms. Sony already owns 2.3 million music copyrights, including the Beatles catalogue.
The Japanese tech giant's deal, announced on Tuesday with the Abu Dhabi-based investment firm Mubadala, will mean EMI will become a consolidated subsidiary of Sony.
"We are thrilled to bring EMI Music Publishing into the Sony family and maintain our number one position in the music publishing industry," Sony's president and chief executive Kenichiro Yoshida said on Tuesday.
Mr Yoshida said the music business had enjoyed a resurgence over the past couple of years, driven largely by the rise of paid subscription-based streaming services.
"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 said.
The deal to buy up a controlling stake in EMI is very much part of Sony's plans to realign its business, analysts said.
In April, it reported a net income of 380 billion yen for last year, a seven-fold increase on 2016.
Almost all of its divisions saw an improved performance, but the PlayStation unit was a particular standout - it saw sales jump almost 300 per cent.
Sony's former chief executive Kazuo Hirai handed the reins over to then-finance chief Kenichiro Yoshida earlier this year.
