MUMBAI: Universal Music is reportedly planning to sell off music label Virgin Records to win regulatory approval for the $1.9 billion takeover of EMI Group.
Other labels that could be offered for sale include EMI Classics, Capitol Records and Parlophone Records. Universal will present potential concessions to European competition regulators in Brussels this week. Universal has agreed to buy EMI and combined they will have about 40 per cent market share in US and Europe, prompting concerns from anti-trust regulators in both continents.
Stating that Universal would be almost twice the size of the next largest music company in the region, European Union regulators started an in-depth probe into the EMI deal. While the EU has blocked two mergers in the last two years, it often seeks concessions from the companies to eliminate antitrust concerns, including the sale of units. The European Commission last month sent Universal the list of potential competition problems.
According to earlier reports, Universal will buy EMI’s record label which includes a repertoire of artistes like Katy Perry and Coldplay.
Once home to The Rolling Stones, Roy Orbison, Devo and others, Virgin Records roster currently includes Gorillaz, K T Tuntsall and 30 Seconds to Mars amongst others.
MUMBAI: Universal Music is reportedly planning to sell off music label Virgin Records to win regulatory approval for the $1.9 billion takeover of EMI Group.
Other labels that could be offered for sale include EMI Classics, Capitol Records and Parlophone Records. Universal will present potential concessions to European competition regulators in Brussels this week. Universal has agreed to buy EMI and combined they will have about 40 per cent market share in US and Europe, prompting concerns from anti-trust regulators in both continents.
Stating that Universal would be almost twice the size of the next largest music company in the region, European Union regulators started an in-depth probe into the EMI deal. While the EU has blocked two mergers in the last two years, it often seeks concessions from the companies to eliminate antitrust concerns, including the sale of units. The European Commission last month sent Universal the list of potential competition problems.
According to earlier reports, Universal will buy EMI’s record label which includes a repertoire of artistes like Katy Perry and Coldplay.
Once home to The Rolling Stones, Roy Orbison, Devo and others, Virgin Records roster currently includes Gorillaz, K T Tuntsall and 30 Seconds to Mars amongst others.
