EU Regulators Cite Objections To UMG's EMI Purchase
UMG Prepares To Respond To Antitrust Concerns
June 19, 2012 at 10:54 AM (PT)
EUROPEAN UNION regulators have sent the UNIVERSAL MUSIC GROUP an antitrust complaint, citing concerns over its bid for EMI GROUP’s recorded-music business, BUSINESS WEEK reports. UMG spokesman ADAM WHITE acknowledged that the EUROPEAN COMMISSION "provided us today with a statement of objections," adding that "We will continue to work closely with the commission and look forward to securing regulatory clearance."
The statement of objections details the regulators’ case for blocking a deal. While the EU refused to specify the objections, EU competition commissioner JOAQUIN ALMUNIA previously said that companies in the music industry shouldn’t "be in a position to shape the future landscape in the digital music market to the detriment of users and artists." UMG may seek an oral hearing and can offer to sell assets to allay any concerns.
UNIVERSAL is preparing a detailed response to their concerns. EU regulators must rule on UMG's bid by SEPT. 6th