Toshiba bails out of EMI venture
EmptyTOKYO -- Japanese electronics maker Toshiba Corp. said Thursday that it will sell its entire stake in Toshiba-EMI Ltd. to its partner in the music content business venture, Britain's EMI Group PLC, for around $179 million.
Toshiba expects to complete the transfer of its stake in the joint venture in the first half of fiscal 2007 with an estimated transfer price of about 21 billion yen ($178.7 million), the company said in a statement.
The transaction is not expected to have an impact on Toshiba's business forecast for the current fiscal year, it said.
Toshiba said it had recently received an offer from EMI Group for its entire interest in the venture and decided to sell the stake as the music content business was less relevant to other Toshiba businesses at present.