Sony Music Entertainment will get a majority stake from the current shareholders for about 40 billion to 50 billion yen (271.80 million pounds - 339.73 million pounds), the Japanese business daily reported. (http://s.nikkei.com/2uhQCPC)

The transaction is expected to close this year, according to the Nikkei report.

Both Sony and Believe Digital did not immediately respond to requests for comment.

(Reporting by Aishwarya Venugopal in Bengaluru; Editing by Shounak Dasgupta)