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EU to Universal Music: Sell Assets To Buy EMI
- The Guardian , Wednesday, July 18, 2012 4:09 PM
Universal Music – home to Rihanna and U2 – has been told by the European Commission to offer additional concessions if the world's largest music company is to have a chance of winning regulatory approval for its £1.2 billion ($1.9 billion) purchase of EMI. The failure to win over Brussels quickly takes Universal, owned by French company Vivendi and run by Briton Lucian Grainge, closer to the point where it will be forced to hand over £1.2 billion to EMI's owner Citigroup – without necessarily having won the regulatory approval it needs to complete the transaction.
