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EU To Rule April 2 On Bid To Buy EMI
- Reuters, Tuesday, February 28, 2012 11:50 PM
The EU Commission will decide whether to clear the way for a group led by Sony to buy the London-based record label’s music publishing business for $2.2 billion. The group includes Blackstone Group, Abu Dhabi's Mubadala Development Co., Raine Group, and movie mogul David Geffen.
If approved, the Sony-backed group would become the largest music publisher. It argues that already strong competition in the sector would remain so even if the deal goes through, citing online rivals like Apple, Amazon and Spotify.
Impala, a trade organisation representing Europe's independent music companies, urged the Commission to block the deal, saying it would give Sony excessive power and also overly concentrate the market.
