The European Union Commission has approved Sony’s bid to become the sole owner of EMI Music Publishing with no conditions despite strong objections from the independent music sector:
“The Commission concluded that the transaction would raise no competition concerns in any of the affected markets and cleared the case unconditionally.”
“This goes against the regulator’s own precedents,” said indie music trade group IMPALA’s executive chair Helen Smith in a statement. “In 2012, it ruled that divestments were required for Sony to become a minority shareholder. Now that Sony is acquiring 100% control of EMI, it is being given unconditional approval. This is inconsistent and simply doesn’t stack up. It is a poor advert for European merger control and sends an alarming message to independent businesses in all sectors, not just music.”