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Tuesday, 19 June 2012 - Universal says EU regulators object to EMI deal |
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See the best of Reuters photography.  See more  The Afghan front On the frontlines of the war in Afghhanistan.  Slideshow  The Presidential diet President Obama eating things.  Slideshow  Universal says EU regulators object to EMI deal Tweet Share this Email Print Related News EU to rule on Siemens, Areva probe next week Fri, Jun 15 2012 EU objections to Universal/EMI deal in coming days: source Wed, Jun 13 2012 Insight: Google goes softly-softly on European antitrust Mon, Jun 11 2012 Universal Music's EMI bid to face EU objections Fri, Jun 8 2012 Google keeps EU regulator waiting on concessions Thu, Jun 7 2012 Analysis & Opinion Lady Gaga not the only one turned off by Indonesia Related Topics Entertainment » Fashion » Deals » Global Deals Review: 2011 Q3 » Global Deals Review: 2011 Q2 » Global Deals Review » Music » Inflows Outflows » A man enters EMI offices in west London August 18, 2010. Credit: Reuters/Toby Melville BRUSSELS | Tue Jun 19, 2012 12:18pm EDT BRUSSELS (Reuters) - EU antitrust regulators have formally set out their objections to Universal Music Group's $1.9 billion bid for EMI's recorded music unit, the music company said on Tuesday, a step that could force Universal to offer concessions to get the deal cleared. The European Commission is examining the proposed takeover, which would combine Universal's stars such as Lady Gaga and Rihanna with EMI's catalogue, which includes The Beatles and Katy Perry. "As part of the European Commission's customary process when considering mergers, they have provided us today with a statement of objections," Universal said in a statement, referring to the regulatory document. "We are preparing a detailed response to the Commission's statement which will address the concerns outlined in this procedural document. We will continue to work closely with the Commission and look forward to securing regulatory clearance," it said. Reuters had reported on June 13 that the Commission would send the statement of objections early this week. Vivendi-owned Universal could promise to sell off catalogues or offer licensing deals with more favorable terms to rivals and online services. EU regulators in April allowed a consortium led by Sony to buy EMI's separate music publishing business after the group promised to sell some catalogues. Last week, EU Competition Commissioner Joaquin Almunia expressed worries about the market power of the combined group, almost twice the size of its nearest rival in Europe, and its impact on the digital music market. Independent labels and rival Warner are opposing the takeover. The Commission has set a September 6 deadline for its decision. The U.S. Federal Trade Commission is also reviewing the deal. (Reporting by Foo Yun Chee) Entertainment Fashion Deals Global Deals Review: 2011 Q3 Global Deals Review: 2011 Q2 Global Deals Review Music Inflows Outflows Related Quotes and News Company Price Related News Tweet this Link this Share this Digg this Email Reprints   We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (0) Be the first to comment on reuters.com. 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