The lighter load may ease the pressure on HNA, which is seeking to recover from a binge that involved borrowing tens of billions of dollars to fund purchases.
Sony announced the deal in May, which would give it rights to 2.1 million songs from artists such as Drake, Sam Smith, Pharrell Williams and Sia.
Helmed by India’s richest man Mukesh Ambani, the company has struck at least 12 deals over 12 months with an estimated tab of about 289 billion rupees (US$4.2 billion), according to calculations by Jefferies Group LLC and Bloomberg.
The Mumbai-headquartered group is considering separating the salt and branded lentils businesses of Tata Chemicals Ltd. and folding them into Tata Global Beverages Ltd.
The firm had agreed in September to sell its memory chip business to a consortium led by US investor Bain Capital, which was seen as crucial to keeping it afloat after multi-billion-dollar losses.
The company chairman Ye Jianming had been investigated for suspected economic crimes.