Impala Threatens Any EMI Merger
February 3, 2011 at 4:00 AM (PT)
Just two days after CITIGROUP took control of EMI (NET NEWS 2/1), comes another legal issue for the record company. The EUROPEAN lobbying group for independent record labels, IMPALA, has threatened to campaign against any deal to merge EMI with a competitor, reports THE FINANCIAL TIMES. The group battled SONY MUSIC's merger with BMG in 2004.
IMPALA had said in 2007, "it would prefer to see three strong recorded music groups, rather than have UNIVERSAL and SONY followed by the smaller EMI and WARNER," writes the FT. "Industry members speculated that the group might be concerned about being squeezed out of a distribution deal with WARNER or looking to negotiate better terms."
IMPALA Exec. Chairwoman HELEN SMITH told the FT, "We don’t believe concentration is good for the music market. The mergers that have already happened have confirmed that."