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Sony sells portion of its Spotify stake for greater than $250 million

Within the music trade, one of many largest points hanging over Spotify’s arrival on the New York Inventory Trade has been what the foremost file firms would do with the billions of in fairness they held within the streaming service.

One reply turned clear Wednesday, when Sony introduced it had offered 17 p.c of its stake within the firm for greater than $250 million.

The transaction was made Tuesday, the day Spotify started buying and selling on the trade, Sony mentioned. Spotify had closed its first day with a market valuation of $26.5 billion.

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