MUMBAI: The recent Sony hacks have brought to light a very interesting “top secret”. According to the leaked emails from Kober released on 21 November, Sony Corporation was considering the sale of its music-publishing business, which includes a partnership with Michael Jackson’s estate (ATV) that owns the Beatles catalog.
This “top secret” plan was being supervised by Sony Entertainment Chief Executive Officer (US) Michael Lynton, Sony Corporation of America President Nicole Seligman and Sony Corporation’s U.S. Chief Financial Officer Steve Kober. The emails also hinted that the company had come to the conclusion that the business had few growth prospects.
Details of the sale plan, including possible terms or suitors, could not be determined as the documents were released as part of the cyber-attack on Sony over the movie “The Interview.”
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The e-mails were released as part of the terrible hack on Sony that the Federal Bureau of Investigation said was committed by North Korea over the Hollywood studio’s plan to release its satirical movie ‘The Interview,’ which is about an assassination plot against the nation’s leader, Kim Jong Un.
Sony’s music publishing business generates about approximately $500 million in yearly revenue and $100 million in its operating profit, according to a mid-range plan of Sony’s music business in October that was released by the hackers.
According to Bloomberg, Sony’s music-publishing business might witness a rise in sales from 13 percent over three years to $617 million by fiscal year 2018, also revealed in the mid-range plan circulated internally and the operating profit may rise 23 percent to $123 million during that period.
