EU Approves WMG Acquisition Of Parlophone
May 15, 2013 at 5:28 AM (PT)
In FEBRUARY (NET NEWS 2/7), WARNER MUSIC GROUP signed a definitive agreement to acquire the PARLOPHONE LABEL GROUP from UNIVERSAL MUSIC GROUP, for £487 million (around $765 million) in an all-cash transaction. Now, THE WALL STREET JOURNAL reports, "The European Commission said WEDNESDAY it approved the acquisition of the PARLOPHONE LABEL GROUP by ACCESS INDUSTRIES INC., the primary owner of WARNER MUSIC GROUP."
"Following the acquisition, WMG will continue to face competition from the two remaining major music companies, namely UNIVERSAL MUSIC GROUP and SONY, as well as from independent music labels," the Commission, the EU's antitrust watchdog, said in a statement.