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Universal cleared to buy BMG music publishing

Written by Andre Yoskowitz (Google+) @ 29 May 2007 12:19 User comments (3)

Universal cleared to buy BMG music publishing Last week, the European Commission gave approval for the Universal Music Group to take over BMG Music Publishing, bringing a close to the $2.1 billion USD merger that began five months ago.
The EC, the EU's antritrust authority said in its decision that Universal had responded to the charges by "offering to sell off the rights of key labels in the music giant's roster." These concessions include the sale of Rondor U.K., Zomba U.K., BBC Music, 19 Songs, 19 Music as well as its European license for the Zomba U.S. catalog.

EU competition commissioner Neelie Kroes added, "I am satisfied that the significant remedies will keep these markets competitive and ensure that consumers will not be harmed by the merger," she said.

The new merged company will now go under the name Universal Music Publishing Group brand.

The takeover was cleared months ago in the US by the FCC and the EU approval was the last hurdle for the merger could be completed. BMG has an active catalogue of over one million songs.

Source:
Washington Post

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3 user comments

129.5.2007 21:36

This is going to be one of the biggest mergers i feel it may cause a big monopoly.

23.6.2007 18:31
henthom
Inactive

i hope that they do a good job o thisand keep things floating as they are, but it is a big monopoly.monry talks and the other walks.

327.6.2007 22:53

Will they now own Napster, or were those rights sold off to somebody else?

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