Brussels clears Sony's bid for EMI music publishing
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.The music giant Sony's £1.4bn move to buy EMI's music publishing division has got the green light from regulators in Brussels. Insiders said the European Commission would give formal approval later today.
Brussels' decision will be a major boost as it means the Sony-led consortium avoids a costly and lengthy Phase II investigation.
Sony/ATV, an alliance between the record label and the owners of Michael Jackson's music catalogue, will need to sell off only a small number of assets to satisfy the commission. However, the consortium still needs approval from regulators in several other key territories including the US, Brazil and Australia.
Leaked documents suggest that Sony/ATV could slash as many as 60 per cent of the 515 staff at EMI Publishing, but a spokesman dismissed talk of job cuts as "premature", as the takeover is yet to be approved.
The news that Sony has got the go-ahead from Brussels is in contrast with Universal Music's separate £1.2bn bid for EMI's recorded-music division, which faces a Phase II inquiry until September.
EMI, the British label behind the Beatles, Katy Perry, pictured, and Tinie Tempah, is being broken up by Citigroup after the previous owner, Terra Firma, ran up unsustainable debts.
Critics, including Warner Music, the world's third largest label, fear the EMI break-up will give too much power to Universal and Sony, the two biggest global players. However, two American artists' unions gave tentative backing to Universal in letters to US regulators earlier this week.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments