Both U.S. And EU Give Approval Of UMG Buyout Of EMI Music
September 21, 2012 at 4:23 AM (PT)
UNIVERSAL MUSIC GROUP got EU regulatory approval earlier TODAY (9/21) to buy EMI MUSIC for $1.9 billion after agreeing to sell record labels that bring in nearly a third of the British company's revenues. Now, REUTERS reports the U.S. FEDERAL TRADE COMMISSION approved the transaction without conditions. With the regulatory approvals, the companies are now free to close the deal.
UNIVERSAL will sell assets that amount to 30% of EMI's revenues, including the label PARLOPHONE, home to bands such as COLDPLAY and QUEEN. REUTERS notes THE BEATLES will not be included in the disposals.
"Also on the block will be the MUTE, ENSIGN and CHRYSALIS labels" notes REUTERS, "EMI CLASSICS, VIRGIN CLASSICS, EMI's share of the 'NOW! That's What I Call Music' compilation business, and EMI units in FRANCE, SPAIN, BELGIUM, DENMARK, THE CZECH REPUBLIC, POLAND, PORTUGAL, SWEDEN and NORWAY."
"The very significant commitments proposed by UNIVERSAL will ensure that competition in the music industry is preserved and that European consumers continue to enjoy all its benefits," wrote EU Competition Commissioner JOAQUIN ALMUNIA.