FTC Approves Sony-Led Purchase Of EMI Publishing
June 29, 2012 at 8:42 AM (PT)
The FEDERAL TRADE COMMISSION has OK'd a SONY-led group's purchase of EMI MUSIC PUBLISHING, without having to make any divestitures. THE CHICAGO TRIBUNE reports "U.S. antitrust regulators gave the nod to the $2.2 billion deal in a brief letter to the companies."
In its ruling, the FTC said that it looked at the transaction but "upon review found no reason for further action. Accordingly, the investigation has been closed," the FTC said in its letter to SONY.
"Music publishing, along with the rest of our entertainment companies, has been a bright spot in our business portfolio, and we expect that trend to continue with this important acquisition," said SONY CORPORATION Pres./CEO KAZUO HIRAI. "Through our SONY/ATV MUSIC PUBLISHING joint venture with the Estate of MICHAEL JACKSON, SONY has become the world's preeminent music publishing operation, administering the most prolific and diverse catalog in the world."
SONY/ATV MUSIC PUBLISHING Chairman/CEO MARTIN BANDIER added, "Today is a truly special day. For me, the best part of being in the music publishing business has always been the opportunity to be associated with talented songwriters and great songs. As I become reunited with the company that has many of the greatest songwriters and songs of all time, I look forward to helping create the best music publishing company in the world, with the extraordinary talent -- artists, songwriters and staff -- at the combined SONY/ATV and EMI."
The investor group is comprised of SONY CORPORATION OF AMERICA, the Estate of MICHAEL JACKSON, MUBADALA DEVELOPMENT COMPANY PJSC, JYNWEL CAPITAL LIMITED, THE BLACKSTONE GROUP's GSO CAPITAL PARTNERS LP and DAVID GEFFEN. SONY/ATV MUSIC PUBLISHING, a joint venture between SONY and the Estate of MICHAEL JACKSON, will administer EMI MUSIC PUBLISHING on behalf of the investor group.
The EUROPEAN UNION approved a SONY-led consortium's purchase of EMI PUBLISHING for $2.2 billion in APRIL (NET NEWS 4/19).
The more contentious battle continues over UNIVERSAL MUSIC GROUP's plan to buy EMI MUSIC for $1.9 billion. The FTC is expected to rule on that in the coming months.