Viacom Sells Music Division

Viacom (VIAB Quote) agreed to sell its Famous Music publishing business to a unit of Sony (SNE Quote).

The Famous Music business, formed in 1928 as a publisher for movie music, features themes from films such as Braveheart and Forrest Gump, as well as popular movie songs, like "Moon River" and "Footloose." Its library also includes current hits from artists such as Shakira, Bjork and Akon.

Viacom acquired Famous Music with its purchase of Paramount Pictures, and the entertainment behemoth announced earlier this year that it was exploring options for the division.

The business will be acquired by Sony/ATV Music Publishing, a joint venture formed by Sony and trusts of superstar Michael Jackson. It owns the rights to songs by artists such as The Beatles, Bob Dylan and Jimi Hendrix.

Financial terms of the sale weren't disclosed, though The Wall Street Journal pegged the price at $370 million.