Feb 21
Universal application the green light to European takeover of EMI
Universal Music, a subsidiary of Vivendi, has requested a green light from European authorities to buy back the recorded music division of the British label EMI, said Monday the European Commission on its website.
The operation of some € 1.4 billion would allow the first record company to add to its global catalog Coldplay and Katy Perry for example. But it may be a long and careful consideration of the competition authorities.
In November, Universal said hold 26.5% of global recorded music. By merging its operations with those of EMI, the group would control, in some European countries, over 50% of the market.
The European Commission, guardian of competition in the Union, was given until March 23 whether to grant the green light for the operation.
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