Did you hear that too?
No, well that was the sound of bottles being popped over at Universal Music- in response to the the good news they’d have received this morning.
Good news, which will see the plans to purchase EMI come to fruition after winning the approval of the European Commission.
Music Week reports:
“The European Commission has approved Universal’s $1.9bn (£1.2bn) takeover of EMI, albeit with strict conditions that include the divestment of Parlophone and other assets worldwide.
Although it has approved the deal, the EC said it had concerns that the transaction, as initially notified, would have allowed Universal to significantly worsen the licencing terms it offered to digital platform that sell music to consumers. However, given the “substantial” commitments since offered by Universal, the Commission said it concluded that the transaction would not raise competition concerns any more.”
Part of the deal will see Universal forced to ‘free themselves’ of Parlophone- home to Kylie Minogue and Coldplay- but inherit The Beatles‘ lucrative catalogue and now makes the like Katy Perry and Emeli Sande label mates with Nicki Minaj and Mariah Carey.
On the deal, Universal explained:
“Universal Music Group is delighted to have received regulatory clearance from the European Commission for its acquisition of EMI Recorded Music.
Today’s approval brings to an end an extensive EU regulatory review and the acquisition will benefit the artistic community and music industry.
We are delighted Universal Music will retain over two-thirds of EMI on a global basis, contributing to the accretive nature of the deal. With a broad array of EMI artists from Katy Perry, Emeli Sandé, Robbie Williams, Herbert Grönemeyer, Lady Antebellum and Norah Jones, to icons like The Beatles, the Beach Boys, Genesis and Bob Seger, we remain true to our vision: to invest in talent and grow the company to offer consumers more music and more choice, while furthering our support for new digital services and entrepreneurs”