Toshiba to Sell EMI, Exits Music Business

Friday, December 15, 2006

Toshiba to Sell EMI, Exits Music Business

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Toshiba said Thursday it will pull out of the music business by selling its 45-percent stake in Toshiba-EMI Ltd. to the British partner EMI Group Plc for about 21 billion yen.

The decision reflects Toshiba's strategy to concentrate resources on its core operations, such as computer chips and nuclear power plants.

The company's music wing, which includes Toshiba-EMI's predecessor, dates back to 1955. Toshiba expects to complete the sale by September.

EMI Group proposed earlier this month that it purchase Toshiba's holding in the joint venture to strengthen Japanese operations.

The British record company is best known for its exclusive rights to albums of The Beatles.

Toshiba-EMI will retain its name for the time being even after it becomes EMI Group's wholly owned subsidiary.