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Sony Has Sold Half of Its Spotify Shares

Sony sold approximately half of its shares in Spotify during the streaming giant’s first month on the New York Stock Exchange, according to Sony’s public filing issued Friday. The news was first reported by Music Business Worldwide, which estimated the amount generated as around $750 million.

SME owned 5.7% of Spotify’s stock, the most of any major label group, before Spotify was publicly listed on April 3. It sold 17.2% of those shares during Spotify’s first 24 hours of trading — generating around $260 million — and unloaded around 32% more before Friday.

Sony reps had no comment on the move.

“Sony owned 5.707% of Spotify’s shares (5.082% on a fully diluted basis) at the time of the public listing, approximately half of which have been sold to date,” the filing reads. “Due to the public listing and the subsequent sale of a portion of such shares owned by Sony, Sony expects to record an unrealized valuation gain for the shares Sony continues to hold after the listing and a realized gain for the shares sold, net of the estimated amount to be shared with its artists and distributed labels. The sum of the unrealized valuation gain (net) and the gain on the sale of shares (net) to be recorded for the fiscal year ending March 31, 2019 is expected to be approximately 100 billion yen in total,” or around $910 million.

The filing reiterates Sony’s commitment to sharing the proceeds from these sales with its artists and its distributed labels.

“Sony Music and The Orchard are committed to sharing with their artists and distributed labels any net gain they may realize from a sale of Sony Music’s equity stake in Spotify,” the company said in a statement in March. “This is consistent with our previously announced policy of sharing breakage and equity proceeds from digital catalog licenses with our artists and distributed labels.”

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