Australia Gives A Thumbs Up To UMG/EMI Deal
September 19, 2012 at 5:23 AM (PT)
AUSTRALIA's Competition And Consumer Commission has approved the purchase of EMI MUSIC by UNIVERSAL MUSIC GROUP.
The ACCC ruled, "The ACCC considered that the proposed acquisition would be unlikely to substantially lessen competition in this market."
Read the full ruling here.
UNIVERSAL released this statement, "We are pleased that the Australian Competition and Consumer Commission has cleared UNIVERSAL MUSIC's proposed acquisition of EMI with no objections. This follows similar clearances in JAPAN, CANADA and NEW ZEALAND. Our investment in EMI will create more opportunities for new and established artists, expand music output and consumer choice, and support new digital services. We welcome the Commission's decision and are working closely with regulators in EUROPE and in the U.S. to obtain further clearances."