EMI's sale to Sony & Jackson estate clears FTC and closes

[darkchild]

News : EMI's sale to Sony & Jackson estate clears FTC and closes | Radio-Info.com

MONDAY, JULY 2, 2012

EMI's sale to Sony & Jackson estate clears FTC and closes
EMI Music Publishing has been sold to a group led by Sony and the Michael Jackson estate. Lender Citigroup took over both EMI Music Publishing and the EMI recorded music division last year, following a default by owner Terra Firma. The $2.2 billion offer for the publishing unit made by a bidding group led by Sony Corp. was finally cleared on Friday, June 29, by the U.S. Federal Trade Commission, following approval (with conditions) by the European Union. The AP says Sony, ATV (the Michael Jackson estate) and their partners will control about one-third of the world market for music copyrights. Now comes the probable sale of the other half of London-based EMI, once the home the Beatles—and for that, Citigroup is weighing a $1.9 billion offer by Vivendi-owned Universal Music Group.

[paula-c]

The AP says Sony, ATV (the Michael Jackson estate) and their partners will control about one-third of the world market for music copyrights.

:michael_jackson-1135:

[Andrea]

 :LolLolLolLol:   paula!

The AP says Sony, ATV (the Michael Jackson estate) and their partners will control about one-third of the world market for music copyrights.

[Grace]

Why are these newsbrokers putting the deal with Vivendi on a question platter when the sales have been confirmed already. This warming up wrapped in questionmarks is more than strange. The deal went relatively unnoticed though. Seems some party needs some publicity now.

[Why do we have 2 threads?]

[simalves]

Sources who have seen the European Commission's statement of objections to UMG's acquisition of EMI Music have told the Financial Times and Reuters that the EC may veto the deal unless Universal offers major concessions. The Commission has given Universal until today to reply to concerns set out in the 194-page statement of objections, which it sent last month. The EC reportedly said the deal was incompatible with the EU's internal market and would completely change the interaction between supply and demand in the music industry, while also rejecting UMG's arguments that the threat from piracy and the bargaining clout exerted by iTunes, Amazon and other online music services would limit its power. The document suggested that "Universal will have to significantly reduce its market share." The statement further argues that UMG already extracts materially higher prices from digital distributors than rivals, and that buying EMI would allow it to raise digital music prices. The Commission disagreed with Universal's assessment of its marketshare, which excludes music it distributes for indie labels. "We are preparing a detailed response to the Commission's statement which will address the concerns outlined in this procedural document," Universal said. "We will continue to work closely with the Commission and look forward to securing regulatory clearance." The company is expected to respond within days, setting the stage for a negotiation in which it may have to offer groundbreaking concessions about its future behavior in the digital market as well as any disposals regulators demand. One plan said to be under discussion would see it ensure that independent labels got the same financial terms from any new digital music service that Universal secures for itself. (7/3a)

[simalves]

PLATT DU JOUR: Cross off a reunion at Sony/ATV with his old EMI Music boss Martin Bandier for red-hot free agent Big Jon Platt, who climaxed a 17-year stint at his old home by accepting Publisher of the Year honors at Friday night's ASCAP Rhythm & Soul Awards, the 18th consecutive win for the pubbery. Expect Platt to announce he's taking a high-level job that would combine both publishing and label responsibilities, which leaves only UMG and WMG as possible destinations. (7/3a)

[Grace]

Sources who have seen the European Commission's statement of objections to UMG's acquisition of EMI Music

Right, this is the second but completely separate part of the EMI purchase package for EMI music operations (going to UMG / Vivendi) which obviously faces some issues, still.

The EMI catalogue deal with Sony/ATV was approved by European commission in April 2012:

Anti-trust regulators gave the green light for the $2.2 billion acquisition as long as the new owners sell off some publishing assets.

http://www.hollywoodreporter.com/news/sony-atv-emi-music-publishing-deal-european-union-regulator-approval-314154