Sony Stands to Reap Almost $1 Billion Gain From Spotify Stake
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Sony Corp. will record a gain of almost $1 billion from its stake in Spotify Technology SA, owner of the world’s largest music streaming service.
The sum reflects proceeds from the sale of Spotify stock Tuesday, when the streaming service went public, as well as the higher value of Sony’s remaining stake in the company following the listing, according to a regulatory filing. Sony sold 17 percent of its holdings.