The Sony Corporation of America's $2.2 billion acquisition of EMI Music Publishing was approved by the European Union today with few concessions, despite protests from Warner Music Group and independent label groups such as Impala,
Billboard reports. The deal now awaits approval by the United States Federal Trade Comission.
The EU has stated, though, that its decision is conditional upon Sony/ATV divesting worldwide publishing rights to four catalogs (Virgin Music Publishing U.K., Virgin Europe, Virgin U.S., and Famous Music U.K.) and the musical works of 12 authors (including Ozzy Osbourne, Robbie Williams, Ben Harper and Lenny Kravitz). Their reasoning is that without such divestment, the merger would have allowed Sony/ATV to dominate the marketplace, as they would own full or partial publishing rights to over half the chart hits in the U.K. and Ireland, which would affect the ability to license such songs in the U.K. and across Europe.
