Britain's EMI Group Plc, the world's third biggest music company, said on Wednesday it had taken a stake in Hit & Run Music Publishing, allowing it a share in the publishing rights to some major pop classics.
"The relationship with Hit & Run brings more of the world's great songs to EMI," Chairman Eric Nicoli said in a statement.
Hit & Run's catalogue mainly includes the copyrights to songs of rock star Phil Collins - with big solo hits such as "Another Day in Paradise" and "In the Air Tonight" - and his group Genesis.It also holds copyrights to pop artists such as Kula Shaker, Right Said Fred - including the hit "I'm Too Sexy" - and also Julian Lennon, son of the late Beatle John Lennon.
EMI said it acquired a 51 percent stake in the joint venture for 11.5 million pounds ($18.96 million) in cash, which included the assumption of debt.
Hit & Run was formed in 1977 and is owned by Tony Smith, who would remain as chairman, and Jon Crawley, who would continue to manage the company on a day-to-day basis.
The Hit & Run management company representing Collins and others would not be affected by the joint venture deal. ($1=.6066 Pound).