EU Commission Presses For Concessions From UMG In EMI Deal
September 10, 2012 at 4:31 AM (PT)
As The EU inches closer to approving the $1.9 Billion purchase of EMI MUSIC by UNIVERSAL MUSIC GROUP, more details are leaking out regarding the concessions UMG is being asked to make in order to get a thumbs up on the deal.
Last THURSDAY (NET NEWS 9/6), ALL ACCESS reported that the EUROPEAN COMMISSION was likely to rule on the purchase as soon as a SEPTEMBER 19th meeting.
Now, the British website THISISMONEY is reporting UNIVERSAL MUSIC, "must sell nearly a quarter of EMI worth about £300 Million in order to be allowed to buy the remainder for £ 1.2 Billion. The EUROPEAN COMMISSION is understood to have told the firm at a meeting late on FRIDAY afternoon that for its deal to go ahead it must sell the global rights to EMI's leading music label PARLOPHONE, including the rights to top artists including COLDPLAY and KYLIE MINOGUE."