Viacom (VIA-B) has come to an agreement with Sony (SNE) to sell it the Famous Music publishing business for a reported $370 million.
Sony Corp. of America Chief Financial Officer Rob Wiesenthal said, "Famous Music is one of the world's largest independent music publishers, and this acquisition, following on the heels of the Leiber-Stoller acquisition, further enhances Sony/ATV's position in the global music publishing industry."
Since Viacom bought Paramount Pictures, which included Famous Music, the music company really never fit in with who Viacom was., and has been looking to unload it at the right time for the right price.
Music publishing is one of the few areas in the music industry that have held strongly during the plunge in physical music sales, as they generate revenue from a variety of sources.
Michael Jackson, who owns a stake in Sony/ATV said concerning the deal "The diverse collection of songs in this catalogue range from timeless classics to contemporary hits, and I am pleased to add the acquisition of Famous Music to Sony/ATV."
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