EU Gives UMG Until Today To Respond To Objections Over EMI Deal
July 5, 2012 at 2:45 AM (PT)
The EU Commission has given UNIVERSAL MUSIC GROUP two extra days to address concerns on its planned purchase of EMI MUSIC, two people familiar with the matter told REUTERS on WEDNESDAY, JULY 4th.
UMG originally had until JULY 3rd to address the concerns expressed in a 194-page statement of objections the EU Commission released in JUNE (NET NEWS 7/3).
REUTERS notes, "The EU watchdog expressed strong concerns about the deal, saying it was incompatible with the EUROPEAN UNION's internal market and would completely change the market dynamics. The Commission also dismissed UNIVERSAL's arguments that the threat from piracy and the bargaining clout exerted by customers such as APPLE's iTUNES, AMAZON and other online music services would limit its power."