Universal Music Group and EMI are one step closer to consolidation pending a few conditions. Read More for full details.Music titan Universal Music Group has been in a process of acquiring EMI in an attempt to become an even larger conglomerate. Pitchfork Media reports the latest update is that the U.S. Trade Commission and the European Commission have approved the transaction on a few condition.
The merger will be approved but Universal Music Group has to surrender a third of EMI’s assets. Specifically Universal won’t own Parlophone, Mute, Chrysalises, Ensign, EMI Classics and Virgin Classics. Universal will also need to sell their portions of Co-Op Music Group and Sanctuary Records.
Universal has six months to sell these shares.
Through this Universal is losing Coldplay, Blur, Pink Floyd, David Bowie, Depeshe Mode and other major acts. However they don’t have to sell The Beatles or Robbie Williams.
Despite all of the music Universal is losing rights to they have eliminated a major competitor and will have more control over the market.