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    6758   JP3435000009

SONY GROUP CORPORATION

(6758)
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GLORY DAYS Springsteen 'to cash in' on hits with Sony

11/04/2021 | 01:21am EST

THE BOSS may once have told Rosalita's father that a record company had given him a big advance in an attempt to win a date - but Bruce Springsteen may be set for a far bigger payday.

The music icon is set to sell his recorded catalogue to Sony Music for a whopping $350m (£256.5m).

The deal would span decades of albums, including Born In The U.S.A., Born to Run and The Rising.

Sources close to the singersongwriter claim that he plans to sell both the publishing and recorded masters, echoing the ongoing trend of huge artists cashing in on their hits to combat the rise of streaming platforms like Spotify and Apple Music.

In 2019, Bob Dylan sold his entire songwriting collection to Universal Music for a reported $400m. Stevie Nicks and Shakira also signed their music away in 2020.

Springsteen joined Columbia Records back in 1972, and the label were subsequently bought by Sony Music. Springsteen has not yet commented on the matter, first reported by Variety in the US, but insiders say an agreement is "close."

(c) 2021 City A.M., source Newspaper

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Analyst Recommendations on SONY GROUP CORPORATION
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Financials
Sales 2022 9 957 B 86 848 M 86 848 M
Net income 2022 803 B 7 000 M 7 000 M
Net Debt 2022 520 B 4 536 M 4 536 M
P/E ratio 2022 19,6x
Yield 2022 0,49%
Capitalization 15 643 B 137 B 136 B
EV / Sales 2022 1,62x
EV / Sales 2023 1,48x
Nbr of Employees 109 700
Free-Float -
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Mean consensus BUY
Number of Analysts 19
Last Close Price 12 620,00 JPY
Average target price 17 009,47 JPY
Spread / Average Target 34,8%
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Managers and Directors
Kenichiro Yoshida Chief Financial Officer & Executive Vice President
Hiroki Totoki Chief Financial Officer, Director & Vice President
Shuzo Sumi Co-Chairman
Toru Katsumoto Chief Technology Officer, Executive VP, Head-R&D
Tsuyoshi Kodera Head-Information Systems & Security
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