U.S. News

EMI to Buy Out Toshiba's Stake in Music Joint Venture


British music company EMI Group will buy out shares in Toshiba-EMI, the Japanese joint venture it had with Toshiba, to expand in the Japanese music industry, Toshiba said Thursday.

EMI, which owns 55% of Toshiba-EMI, will buy all the shares in the local music label, whose artists include pop star Utada Hikaru, and Glay, a popular rock band. 

Toshiba said the sale of its stake in the Tokyo-based music firm should be finalized between April and September of 2007, and generate an extraordinary profit of 13 billion yen ($110.6 million) for Toshiba in the fiscal year starting April 2007.