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80,258 News Articles

Toshiba sells music business

EMI picks up Japanese unit

Toshiba Corp has announced that it will sell its entire stake in record company Toshiba EMI, one of Japan's largest music publishers.

The stake will be purchased by EMI for ¥21bn (£91 million), of which about ¥13 billion (£56 million) will see its way to Toshiba's pre-tax profit this year. Toshiba said it is selling the stake because its involvement in the music business is less relevant to other businesses in the group than it was in the past.

The sale is expected to be completed before the end of Toshiba's current financial year in March 2007.

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