April 18, 2013 |
Jay-Z might have been instrumental in bringing the Nets to Brooklyn and christening the team's home arena, Barclays Center , but the hip-hop mogul has sold his stake in the NBA team. “It was never about an investment; it was about the NETS and Brooklyn. My job as an owner is over but as a fan it has just begun,” he announced in a letter posted on Life+Times website on Thursday. The rapper was forced to sell his share in the team in order to pursue his recently announced Roc Nation Sports, which snagged New York Yankees star Robinson Cano as its first signee.
April 8, 2013 |
Roc Nation, the entertainment company founded by Jay-Z, and Universal Music Group have entered a multiyear, worldwide partnership, the companies announced Monday. The venture will allow the Roc Nation music label to operate as a standalone within the UMG family -- the largest music company -- effective immediately. As part of the agreement, forthcoming albums from Jay-Z, Rihanna and others will be released through UMG worldwide, according to the announcement. “This agreement presents a unique opportunity for Roc Nation's artists -- being able to continue to operate as an independent label with the strength, power and reach of the best major,” Jay-Z, who founded the entertainment company in 2008, said in a statement.
September 22, 2012 |
Regulators in the U.S. and Europe on Friday approved Universal Music Group's $1.9-billion acquisition of EMI Group Ltd.'s music division, giving the Los Angeles-based music company control of the Beatles music catalog and the iconic Abbey Road studios in London, but forcing it to divest interest in the music of Coldplay. The merger will create an even larger global music conglomerate and put the vast majority of commercially released music into the hands of three international giants: the Universal, Sony and Warner music groups.
September 6, 2012 |
The European Commission's competition committee is scheduled Friday to deliberate whether it will approve Universal Music Group's proposed $2.2-billion merger with EMI Music, according to industry officials. If approved by antitrust regulators in Europe and the U.S., the deal would create the world's largest record company, with a market share of nearly 40%. Even so, traditional record labels don't wield as much power as they once did in prior decades when they controlled the physical distribution of music to retail stores.
August 7, 2012
Universal Music Group is the largest of the four major record companies, and its proposed purchase of EMI Music would make it even larger. With piracy rampant and a handful of big retailers responsible for much of the remaining sales, Universal argues that there's no harm in letting it swallow up EMI, by far the smallest of the major labels in the United States. But the online music stores and services such as Spotify that are helping the industry regain its footing could be harmed if the merger lets the newly combined companies command disproportionate licensing fees.
July 27, 2012 |
Universal Music Group has submitted a proposal to the European Commission to sell off major assets in exchange for regulatory approval for its proposed $1.9 billion acquisition of EMI Recorded Music, the company said. Because the deal would reduce the number of major record labels to three from four, regulators around the globe have launched antitrust reviews to determine whether the combined company would wield too much market power. To appease European Union officials, who have insisted that Universal's market share not exceed 40% in any EU country, the Los Angeles music giant has devised a plan to sell off key properties. Roger Faxon, EMI's chief executive, on Friday gave a detailed list of the assets to be sold in a memo to employees that was obtained by The Times.