Report: FTC To Scrutinize EMI Sales
December 23, 2011 at 10:23 AM (PT)
The FEDERAL TRADE COMMISSION will be analyzing the sale of CITIGROUP-owned record label EMI to the UNIVERSAL MUSIC GROUP and SONY CORP. the NEW YORK POST reports. CITI has agreed to sell EMI's music division to UMG and its publishing arm to SONY CORP. for a total of $4.1 billion.
Although UNIVERSAL has pledged to sell up to a half-billion dollars in non-core assets to help fund the sale, the FTC will focus its scrutiny on anti-trust and monopoly issues.
One source believed that the reason the FTC had assumed oversight the EMI case, instead of the JUSTICE DEPARTMENT, was is still deeply involved in AT&T’s now-aborted merger with T-MOBILE.