INDUSTRY NEWS: Sony/ATV EMI deal approved by European Commission

April 19, 2012 No Comments »

The consortium lead by Sony/ATV will been given the European Commission’s permission to buy EMI Publishing for £1.4bn later today, according to reports in The Independent and Financial Times.

The decision means that Sony/ATV’s group will avoid entering into a lengthy Phase II investigation in Brussels, contrasting Universal’s proposed £1.2bn bid for EMI Music, which faces inquiries until September.

Sony/ATV will only need to sell of a small number of assets to satisfy the commission. It has made a commitment to shed the global rights to EMI’s Virgin and Famous UK music publishing catalogues, as well as a few contemporary songwriters.

Impala’s executive chair Helen Smith said: “It sounds like the worst possible result for European writers and publishers as well as anyone who needs to rely on fair terms to access music.”

Recently leaked documents suggested that Sony/ATV could slash as many as 60% of the 515 staff at EMI Publishing but the company’s chairman Marty Bandier has issued a statement on the matter saying that, while reductions in the number of employees on both sides will happen, the exact numbers are not yet final.

Source: The Financial Times The Independent

 

Related posts:

  1. Industry News: Sony Corp to axe 10k jobs as it forecasts $6.2bn annual loss
  2. Industry News: “Vevo made $150 million in revenue last year”
  3. Industry News: Weekly album sales plummet to record 21st Century low (Check the numbers here)
  4. Sony Plans Major Cuts in EMI Jobs
  5. The Difference Between the Music Industry & The Recording Industry

Leave a Reply

Your email address will not be published. Required fields are marked *