EU regulators to allow Universal Music Group to take over EMI in US$1.9 billion deal: sources
September 4, 2012, 5:54 pm TWN
BRUSSELS -- EU regulators will allow Universal Music Group to go ahead with its US$1.9 billion takeover of EMI after Universal offered to sell global rights to EMI's most valuable record labels and catalogues, two people familiar with the deal said on Monday.
Universal, owned by French group Vivendi, proposed in July to sell the bulk of Parlophone, one of EMI's most prized assets, with stars such as Coldplay and marquee acts such as Queen, EMI Chief Executive Officer Roger Faxon told staff at the time.
The package of concessions also included the divestment of EMI Classics, Virgin Classics, EMI units in France, Belgium, the Czech Republic, Poland, Portugal, Sweden and Norway, and Universal brands Sanctuary, Co-Op and Universal's Greek unit.