Report: EU Regulators Haven't Received Any UMG Concessions On EMI Deal
U.S. Senate Subcommittee Sets June 21 Hearing
June 11, 2012 at 3:50 AM (PT)
Just last week, a formal antitrust complaint was lodged by EUROPEAN regulators regarding UNIVERSAL MUSIC GROUP's bid for EMI GROUP's recorded-music business (NET NEWS 6/8). THE EUROPEAN COMMISSION was set to send a so-called statement of objections listing possible problems with the deal, an EU official said, speaking on condition of anonymity because the process isn't public.
Now, REUTERS reports, "UNIVERSAL MUSIC has not offered any concrete concessions to EU antitrust regulators to try to secure approval for its deal to buy the recorded music division of EMI, a person familiar with the situation said on FRIDAY."
"UNIVERSAL hasn't offered any concrete concessions," the source told REUTERS, declining to be identified because of the sensitivity of the issue.
Meanwhile In The U.S.
The Senate Antitrust Panel is set to hold a hearing later this month to look into UNIVERSAL MUSIC GROUP's bid to buy EMI RECORDED MUSIC, amid concerns the deal will lead to higher prices for both CDs and digital music.
The hearing by the antitrust subcommittee will happen on JUNE 21st.