Mubadala Investment Company and Sony Corporation on Tuesday announced that they have signed an MOU for the sale of the Mubadala consortium’s approximately 60% equity interest in EMI Music Publishing to Sony Corporation of America, a wholly owned subsidiary of Sony, for $2.3 billion.

As a result of the transaction, Sony will indirectly own approximately 90% of the equity interest in EMI Music Publishing and it will become a consolidated subsidiary of Sony. The closing of the transaction is subject to certain closing conditions, including regulatory approvals.

EMI Music Publishing owns or administers over two million songs that include classics by Queen, Carole King and the Motown catalog along with contemporary songs from Kanye West, Alicia Keys, Drake, Sam Smith, Pink, Pharrell Williams, Calvin Harris, Fetty Wap, Hozier and Sia.

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Together with Sony’s 100%-owned music publishing company, Sony/ATV, and Sony’s 100%-owned music company, and Sony Music Entertainment (Japan) Inc., the Sony Group collectively owns more than 2.3 million copyrights, featuring the Beatles, contemporary superstars and the Leiber Stoller catalog.

“The music business has enjoyed a resurgence over the past couple of years, driven largely by the rise of paid subscription-based streaming services, “said Kenichiro Yoshida, President and CEO, Sony Corporation.

“In the entertainment space, we are focusing on building a strong IP portfolio, and I believe this acquisition will be a particularly significant milestone for our long-term growth.”

EMI Music Publishing generated revenue of $663 million, adjusted operating income of $181 million, and adjusted EBITDA of $249 million for the fiscal year ended March 31, 2018, according to a statement by Sony.