EMI-Universal deal cleared on condition that some of their big labels must be sold
Regulators in both the US and EU today confirmed (September 21) that the proposed takeover of UK music firm EMI by Universal Music can go ahead, but some of Universal's assets need to be sold.
The assets referred to include some of the company's biggest labels such as Parlophone, which houses Kylie Minogue and iconic rockers Pink Floyd.
The BBC reports that "the Commission's demand for assets sales also includes disposal of EMI's Chrysalis, Mute, and Classics labels, as well as Universal's Sanctuary and Co-op Music labels." An official statement was issued by EU competition commissioner Joaquin Almunia, which explains the need to 'preserve' the competitive nature of the music industry:
"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. Competition in the music business is crucial to preserve choice, cultural diversity and innovation."
A spokesperson from Universal added: "Today's approval brings to an end an extensive EU regulatory review and the acquisition will benefit the artistic community and music industry."
Watch Robbie Williams' music video for 'Candy' below:
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