American Antitrust Institute Asks Regulators To Not Allow UMG-EMI Deal
September 4, 2012 at 3:56 AM (PT)
While a report last week (NET NEWS 8/31) indicated EU regulators were close to approving UNIVERSAL MUSIC GROUP's $1.9 billion bid for EMI MUSIC, things on this side of the ATLANTIC remain contentious.
THE AMERICAN ANTITRUST INSTITUTE lobbied Congress to stop UMG's plan to buy EMI MUSIC for $1.9 billion reiterating the often expressed opposition view that the deal would give UNIVERSAL too much power in the music industry.
"We urge the FEDERAL TRADE COMMISSION to enjoin the transaction and preserve EMI as a fourth major music label in the already concentrated recorded music industry," the group wrote.
UNIVERSAL released a statement disagreeing with the position, writing "Our acquisition of EMI will create even more opportunities for new and established artists, expand the marketplace with more music and support new digital services. We are working closely with the FEDERAL TRADE COMMISSION and remain confident of regulatory approval."