Sony Cashes in on Its Stake in Spotify
Sony Cashes in on Its
Stake in Spotify According to Tuesday's quarterly results, Sony has generated $768 million from selling off parts of its 5.7% stake in Spotify. This includes the sale of about a fifth of its stake during Spotify's Wall Street debut in April. Sony still owns $862 million worth of Spotify shares. The growth of streaming services has helped increase Sony's music revenue. Sony's report also revealed that it paid $288 million this month to the estate of Michael Jackson for its stake in EMI.
Stake in Spotify According to Tuesday's quarterly results, Sony has generated $768 million from selling off parts of its 5.7% stake in Spotify. This includes the sale of about a fifth of its stake during Spotify's Wall Street debut in April. Sony still owns $862 million worth of Spotify shares. The growth of streaming services has helped increase Sony's music revenue. Sony's report also revealed that it paid $288 million this month to the estate of Michael Jackson for its stake in EMI.
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