Sony-led Group Garners EU Nod to buy EMI Publishing

A Sony-led consortium won EU approval on Thursday to buy EMI's music publishing business for $2.2 billion, on the condition that it sell the worldwide publishing rights of artists including Robbie Williams and Lenny Krativz. Sony, with Blackstone Group, Abu Dhabi's Mubadala Development Co., Raine Group and music and film mogul David Geffen, won the bidding for EMI Publishing last year in a deal that will put Sony top in global music publishing. European competition regulators approved the deal after the consortium proposed selling the rights to four back-catalogues, including the musical works of 12 contemporary artists. "Sony and Mubadala have offered to divest valuable and attractive catalogues containing bestselling titles as well as works of successful and promising authors," said Joaquin Almunia, the European commissioner for competition issues. "I am therefore satisfied that the competitive dynamics in the online music publishing business will be maintained so as to ensure consumer choice and cultural diversity." Continue reading this article

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