July 18, 2012 |
The climate is heating up for Universal Music Group in Brussels as the company shuttles its proposal to buy EMI's recorded music business through Europe's labyrinthine antitrust approval process. The pending $1.9-billion acquisition, announced in November, would solidify Universal's ranking as the world's largest music company and reduce the number of major labels from four to three. To satisfy the European Commission's concern that the union would create a Leviathan with undue market power, Universal Music is expected on Thursday to submit a list of assets it is prepared to sell in order to dilute its presence in several key European countries, according to executives knowledgeable with the commission's review.
June 29, 2012 |
Sony Corp.'s deal to acquire EMI's publishing assets has cleared U.S. and European regulatory hurdles and was closed Friday, the companies said. EMI's catalog will be merged with Sony's to create a library of more than 2 million songs, making the combined entity the world's largest music publisher. The deal, announced last November, called for an investor group led by Sony to pay $2.2 billion for EMI's rights to 1.3 million songs, including those written by David Bowie, Stevie Wonder and others.
November 12, 2011 |
The century-old EMI Group music company has been split in two and sold for $4.1 billion to Universal Music Group and Sony Corp. The absorption of the music giant leaves only three major record companies in control of an eroding industry. The deal announced Friday calls for Universal to acquire EMI's recorded music division from EMI parent company Citigroup Inc. for $1.9 billion, and Sony to acquire the smaller but more lucrative music publishing business for $2.2 billion. The two edged out rival bids from Warner Music Group and BMG Chrysalis.
November 8, 2011 |
With negotiations for the sale of EMI Group dragging on longer than a Wagnerian opera, owner Citigroup Inc. has invited Universal Music Group back to the negotiating table this week after failing to break a logjam with the previous high bidder, Warner Music Group. Citigroup's overtures to Universal come two months after the bank initiated a formal auction for EMI, one of the world's oldest and largest music companies, with a roster of well-known artists, including Pink Floyd, Coldplay and the Beatles.
August 13, 2011 |
Reducing the number of major players in the music industry from four to three would, ordinarily, sound alarms among antitrust regulators, especially if those companies account for roughly 75% of the music business. But the possibility that storied music label EMI Group will be gobbled up by Universal Music Group, Sony Music Entertainment or Warner Music Group is not likely to generate much heat from regulators, even though it would reduce the landscape to three dominant companies, down from six in the late 1990s, antitrust experts say. That's because music labels don't have the clout they used to, given how much the industry has morphed in the last decade.
June 20, 2011 |
Citigroup Inc., which took over EMI Group in February in an overnight debt-for-equity swap, has officially put the 114-year-old British music company on the auction block. The bank released a statement Monday laying out options for EMI, "including a possible sale, recapitalization or initial public offering of the company. " The widely expected move puts in play the world's fourth-largest record label, with an estimated $2.6 billion in annual revenue. EMI's artist roster includes Coldplay, Katy Perry, Beastie Boys and Lady Antebellum.