EU Halts Sony/BMG Merger Investigation
March 23, 2007 at 5:46 AM (PT)
EUROPEAN UNION regulators halted an antitrust investigation into SONY CORP. and BERTELSMANN AG's deal to merge their music units after the companies failed to hand in required data, the EUROPEAN COMMISSION said today.
THE INTERNATIONAL HERALD TRIBUNE reports the EC said it notified the companies on their "failure to provide requested information" to EU regulators, who launched an in-depth prove into the deal earlier this month. "This means that the clock has stopped on this case until such time as the information is received," the EC said in a statement.
This means that the clock has stopped on this case...
The EC had requested additional information from SONY and BMG to assess the impact on the European music market. The new information is required to assess the effect on rivals like VIVENDI SA's UNIVERSAL MUSIC GROUP, EMI GROUP PLC and WARNER MUSIC GROUP PLC.
The EC had until JULY 2 to make a final decision to clear or block the deal, however no new deadline was set.